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

SAO PAULO :Eastern auto maker Toyota will bid on Tuesday an 11 billion true ($2.2 billion) investment for the following couple of years in Brazil, the South American nation’s vice-president said on Sunday.

Toyota said in a explain earlier on Sunday, after local media had first reported the new investments, it had no commentary on most likely future plans.

Brazil’s vice-president and minister for commerce Geraldo Alckmin said on social media the investments shall be unveiled at an event in Toyota’s manufacturing facility in the metropolis of Sorocaba, Sao Paulo bid.

He added the investments are expected to regain 2,000 jobs and open new units.

Native newspaper O Globo’s columnist Lauro Jardim, which reported earlier on Sunday the deliberate investment, said Toyota will bear a hybrid automobile and a sport utility automobile (SUV) in the Sorocaba unit, with out specifying the units involved.

Toyota shall be the most up-to-date world automaker to unveil plans for added investment in Brazil this year, following companies similar to Volkswagen, Overall Motors and Hyundai Motor.

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