Toyota to announce $2 billion investment in Brazil this month -local media
FILE PHOTO: The Toyota logo is pictured during the media day of the Salao do Automovel International Auto Show in Sao Paulo, Brazil November 6, 2018. REUTERS/Paulo Whitaker/File Photo
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SAO PAULO (Reuters) – Japanese auto maker Toyota (NYSE:TM) this month will announce an 11 billion real ($2.2 billion) investment in Brazil, local newspaper O Globo reported on Sunday.
Toyota said in a statement it not comment on potential future plans.
The investment would include an expansion of Toyota’s factory in the city of Sorocaba in Sao Paulo state, where it will start to make a hybrid car and a sport utility vehicle (SUV), O Globo’s columnist Lauro Jardim reported, without specifying the models involved.
If confirmed, Toyota would be the latest global automaker to unveil plans for extra investment in Brazil this year, following companies such as Volkswagen (ETR:VOWG_p), General Motors (NYSE:GM) and Hyundai Motor (OTC:HYMTF).
($1 = 4.9541 reais)
