SAO PAULO (Reuters) is a Japanese automaker. Toyota (NYSE:) will announce on Tuesday an actual investment of US$11 billion ($2.2 billion) over the next few years in Brazil, the South American country’s vice president said on Sunday.
Toyota said in a statement earlier Sunday that after local media first reported the new investment, the company had no comment on potential future plans.
Brazil’s Vice President and Industry Minister Geraldo Alckmin said on social media that the investment would be unveiled at an event at the Toyota plant in Sorocaba, Sao Paulo state.
He added that the investment is expected to create 2,000 jobs and launch new models.
Local newspaper O Globo columnist Lauro Jardim, who reported the planned investment earlier on Sunday, said Toyota would produce a hybrid car and a sport utility vehicle (SUV) at the Sorocaba facility, without specifying which models would be involved.
Toyota will become the latest global automaker to announce plans to invest more in Brazil this year, following the likes of Volkswagen (ETR:), General Motors (NYSE:) and Hyundai Motor (OTC:).
($1 = 4.9541 reals)