Sao Paulo, March 03, 2024, The Europe Today: In a report by local newspaper O Globo on Sunday, it has been disclosed that Japanese auto giant Toyota is set to announce a substantial 11 billion real ($2.2 billion) investment in Brazil later this month. While Toyota has refrained from commenting on prospective future plans, sources indicate that the investment is geared towards expanding its existing factory in the city of Sorocaba, located in the state of Sao Paulo.
According to O Globo’s columnist Lauro Jardim, the expanded facility in Sorocaba will facilitate the production of a hybrid car and a sport utility vehicle (SUV). The report, however, does not provide specific details about the models that will be part of this expansion.
This move underscores Toyota’s commitment to furthering its presence in the Brazilian automotive market and aligning with the growing demand for hybrid and SUV vehicles in the region. The formal announcement of this significant investment is eagerly awaited and is anticipated to have notable implications for both the automotive sector and the local economy.
