Brazil's Vice President and Minister of Industry, Geraldo Alckmin, announced that Japanese automaker Toyota is set to reveal an investment of 11 billion Brazilian reais (about $2.2 billion) over the coming years in Brazil.
However, Toyota has withheld comments regarding its plans following the Brazilian media's exposure to the new investments.
Alckmin shared on social media that the investments would be unveiled at an event at Toyota's plant in Sorocaba, Sao Paulo state.
He anticipates that these investments will generate around 2,000 job opportunities alongside the launch of new car models.
Local newspapers reported that Toyota plans to manufacture a hybrid vehicle and a Sport Utility Vehicle (SUV) at the Sorocaba facility, although the specific models have not been disclosed.
With this announcement, Toyota joins other global car manufacturers like Volkswagen, General Motors, and Hyundai Motor in unveiling plans for additional investments in Brazil this year, signaling a growing confidence in the Brazilian automotive market.
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