Toyota to invest $2 billion in Brazil, states Brazilian vice-president

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Toyota to invest $2 billion in Brazil, says Brazilian vice-president

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A Toyota car dealership in Yokohama, Japan, photographed onFeb 7,2021 The company is attempting to advance in the significantly competitive electrical car market.

Toru Hanai|Bloomberg|Getty Images

Japanese car maker Toyota will reveal on Tuesday an 11 billion genuine ($ 2.2 billion) financial investment for the next couple of years in Brazil, the South American nation’s vice-president stated on Sunday.

Toyota stated in a declaration previously on Sunday, after regional media had actually initially reported the brand-new financial investments, it had no discuss possible future strategies.

Brazil’s vice-president and minister for market Geraldo Alckmin stated on social networks the financial investments will be revealed at an occasion in Toyota’s factory in the city of Sorocaba, Sao Paulo state.

He included the financial investments are anticipated to develop 2,000 tasks and introduce brand-new designs.

Local paper O Globo’s writer Lauro Jardim, who reported previously on Sunday the scheduled financial investment, stated Toyota will make a hybrid automobile and a sport energy car (SUV) in the Sorocaba system, without defining the designs included.

Toyota would be the most recent worldwide car manufacturer to reveal prepare for additional financial investment in Brazil this year, following business such as Volkswagen, General Motors and Hyundai Motor.