Following Volkswagen (VWAGY.US) and General Motors (GM.US), Toyota (TM.US) will invest $2.2 billion in Brazil.
Brazil's Vice President and Minister of Industry, Geraldo Alckmin, stated last Sunday that Japanese car manufacturer Toyota will announce an investment of 110 billion reais (22 billion dollars) in Brazil in the coming years on Tuesday.
Brazilian Vice President and Minister of Industry Geraldo Alckmin said last Sunday that Japanese automaker Toyota would announce an investment of 11 billion reais (2.2 billion dollars) in Brazil in the coming years.
In a statement earlier last Sunday, Toyota did not comment on its future potential plans after local media first reported the new investment.
Alckmin stated on social media that these investments would be announced at an event held at Toyota's factory in Sorocaba, So Paulo state.
He added that these investments are expected to create 2,000 job opportunities and introduce new car models.
Earlier reports suggested that Toyota would produce a hybrid car and an SUV at the Sorocaba factory, but did not specify the models.
It is reported that Toyota will be the latest global automaker to announce plans to increase investment in Brazil this year, following companies like Volkswagen, General Motors, and Hyundai.
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