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Japanese automaker Toyota Motor Corp (NYSE:TM) is reportedly set to announce an 11 billion real ($2.2 billion) investment in Brazil over the next few years.
The news, disclosed by Brazil’s vice-president and minister for industry Geraldo Alckmin on social media, states that Toyota will unveil the investment details at an event in its Sorocaba factory, located in Sao Paulo state.
This development comes amidst reports from local media anticipating the investments, to which Toyota has refrained from commenting, reported Reuters.
The investments are expected to generate 2,000 employment opportunities and introduce new vehicle models, the report added.
Toyota reportedly plans to produce a hybrid car and a sport utility vehicle (SUV) at the Sorocaba unit.
This announcement follows a trend of increased investment by global automakers in Brazil, with companies like Volkswagen AG (OTC:VWAGY), General Motors Co (NYSE:GM), and Hyundai Motor Company (OTC:HYMTF) also committing to bolstering their presence in the country, as per the report.
Price Action: TM shares are trading lower by 0.48% at $244.85 in premarket on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
