Toyota Will Be Massive Investment In Brazil For Production Of Hybrid Cars And SUVs

Chairman of the Board of Directors (Chairman) of Toyota Motor Corporation Akio Toyoda addressed the chairmen, presidents, and leaders of 17 Toyota Group companies, January 30, 2024. (Doc. Toyota)

JAKARTA - The world's largest automaker Toyota will invest heavily in Brazil. And this announcement will be made tomorrow, Tuesday, March 5.

If realized, Toyota will be the latest global automaker to announce additional investment plans in Brazil this year, following companies such as Volkswagen, General Motors, and Hyundai Motor.

As reported by Reuters on March 4, Toyota's investment is at USD 2.2 billion for the next few years in Brazil, the South American vice president said on Sunday.

Earlier, Toyota stated in a statement on Sunday, when asked by local media in Brazil that the company could not comment on the plan.

Brazilian Vice President and industry minister Geraldo Alckmin said on social media that the investment would be announced at an event at a Toyota plant in the city of Sorokaba, the state of Sao Paulo.

He added that the investment is expected to create 2,000 jobs and launch new models.

Interestingly, local newspaper columnist O Globo, Lauro Jardim, who previously reported the planned investment on Sunday, said Toyota would build a hybrid car and sport utility vehicle (SUV) in the Sorokaba unit, without elaborating on the models involved.