Toyota confirms $2 billion investment in Brazil by 2030

Japanese automaker Toyota on Tuesday formally announced an 11 billion reais ($2.22 billion) investment in Brazil, to be made in two installments by 2030, and to invest specifically for the country’s consumers. It also includes the production of new designed cars, he said.

Brazil’s Vice President and Industry Minister Gerardo Alcumín had earlier announced Toyota’s investment on Sunday, but did not provide details such as an extension.

Evandro Maggio, Toyota Motor Corporation’s CEO in Brazil, told Reuters that this was the automaker’s first investment plan announced in the country, although it had previously announced investments on a project-by-project basis. Ta.

Of the 11 billion reais, Maggio said 5 billion reais will be invested by 2026, and a further 6 billion reais will be invested by 2030, although Toyota has not yet decided how to use it. He said that.

The automaker said in a statement that it intends to produce new hybrid flex cars and cars specifically designed for the Brazilian market by 2025, without giving a date.

Toyota is the latest global automaker to announce plans for additional investment in Brazil this year, following companies such as Volkswagen, General Motors and Hyundai, and has three factories in the country, all in São Paulo. Located in the state.

The investment plan also includes the expansion of factories in Porto Feliz, where production of engines with hybrid systems will start by 2025, and Sorocaba, where production of batteries will start from 2026.

However, all operations of the Indaiatuba division will be transferred to Sorocaba between 2025 and 2026. Mr Maggio said workers would be able to choose to migrate for work. Both cities are an hour’s drive away.

The company did not say how much domestic production capacity would be increased by the investment.