TOKYO (dpa-AFX) - Brazil's Vice-President and Minister for Industry Geraldo Alckmin has revealed that Japanese auto giant Toyota (TYT.L, TM) would make investments worth 11 billion real, which is equivalent to $2.2 billion, in the upcoming years in Brazil.
The minister posted on X/Twitter, that the investment plans would be soon unveiled at an event to be held in the Japanese automaker's factory in the city of Sorocaba, Sao Paulo state.
Alckmin emphasized that the investment to launch new models would create 2,000 jobs.
The proposed investment was initially reported by columnist Lauro Jardim in the local newspaper O Globo, where he stated that Toyota plans to make a hybrid car and an SUV in the Sorocaba unit.
However, the automaker had declined to comment on the company's future plans.
Similarly, Volkswagen and General Motors (GM) had earlier announced their plans to invest billions of dollars in Brazil following President Luiz Inacio Lula da Silva's new automaker guidelines announcement in December, which offers tax breaks to companies that produce electric and more energy-efficient vehicles.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
