Toyota to Invest $2 Billion in Brazil, Says Brazilian Vice-president

Reuters

10:56 JST, March 4, 2024

SAO PAULO, March 3 (Reuters) – Japanese auto maker Toyota 7203.T will announce on Tuesday an 11 billion real ($2.2 billion) investment for the next few years in Brazil, the South American country’s vice-president said on Sunday.

Toyota said in a statement earlier on Sunday, after local media had first reported the new investments, it had no comment on potential future plans.

Brazil’s vice-president and minister for industry Geraldo Alckmin said on social media the investments will be unveiled at an event in Toyota’s factory in the city of Sorocaba, Sao Paulo state.

He added the investments are expected to create 2,000 jobs and launch new models.

Local newspaper O Globo’s columnist Lauro Jardim, which reported earlier on Sunday the planned investment, said Toyota will make a hybrid car and a sport utility vehicle (SUV) in the Sorocaba unit, without specifying the models involved.

Toyota would be the latest global automaker to unveil plans for extra investment in Brazil this year, following companies such as Volkswagen VOWG_p.DE, General Motors GM.N and Hyundai Motor 005380.KS.

($1 = 4.9541 reais)