© Reuters. FILE PHOTO: The Toyota emblem is pictured through the media day of the Salao do Automovel Worldwide Auto Present in Sao Paulo, Brazil November 6, 2018. REUTERS/Paulo Whitaker/File Photograph
SAO PAULO (Reuters) -Japanese auto maker Toyota (NYSE:) will announce on Tuesday an 11 billion actual ($2.2 billion) funding for the following few years in Brazil, the South American nation’s vice-president mentioned on Sunday.
Toyota mentioned in a press release earlier on Sunday, after native media had first reported the brand new investments, it had no touch upon potential future plans.
Brazil’s vice-president and minister for business Geraldo Alckmin mentioned on social media the investments shall be unveiled at an occasion in Toyota’s manufacturing unit within the metropolis of Sorocaba, Sao Paulo state.
He added the investments are anticipated to create 2,000 jobs and launch new fashions.
Native newspaper O Globo’s columnist Lauro Jardim, which reported earlier on Sunday the deliberate funding, mentioned Toyota will make a hybrid automobile and a sport utility automobile (SUV) within the Sorocaba unit, with out specifying the fashions concerned.
Toyota can be the most recent world automaker to unveil plans for further funding in Brazil this yr, following corporations akin to Volkswagen (ETR:), Common Motors (NYSE:) and Hyundai Motor (OTC:).
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