Toyota Puts Its Money Where Its Mouth Is, Makes New Investment In "Motorist CHOICE Is The Future"

Building 250-300 MPG Flex-fuel/Gasoline Hybrid Factory In Brazil

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SAO PAULO - April 19 2023: Alberto Alerigi reporting for Reuters wrote that Toyota Motor Corp said it will invest 1.7 billion reais ($337.68 million) to manufacture a new hybrid, flex-fuel compact car in Brazil, which will run on both gasoline and ethanol in addition to its electric engine.

The Japanese carmaker has been betting big on the segment in the South American country, where most cars can run on 100% ethanol, having in 2019 launched Brazil's first hybrid flex-fuel vehicle, a version of its flagship sedan the Corolla.

Rivals Stellants and Volkswagen are also investing in the technology, going against U.S.-based General Motors and Ford which have focused on fully electric cars.

Toyota's announcement came at an event attended by the firm's local head, Rafael Chang, and Sao Paulo Governor Tarcisio de Freitas. Part of the investment - roughly 1 billion reais - will come from tax credits Toyota had with the state.

"Toyota believes in the Brazilian market and continues to invest in technology and innovation to meet consumer needs," Chang said. "It is a sustainable solution that also creates jobs and economic development".

Sao Paulo state government said in a statement that engines for the new compact car, whose name was not revealed, will be built at Toyota's Porto Feliz plant, a move expected to create 700 jobs.

The car is set to be launched in Brazil in 2024 and sold in 22 Latin American countries, it added.

Official Announcement:

Sao Paulo, Brazil, September 19, 2019―Toyota Motor Corporation (Toyota) announces that Toyota do Brasil Ltda. (TDB), TMC's Brazilian sales and manufacturing subsidiary, has just formalized its intention to invest R$ 1 billion in its Sorocaba Plant in Sao Paulo, Brazil. The plant, which opened in 2012 and already produces the Etios and Yaris models, will be responsible for the manufacture of a new model in the Brazilian market scheduled for commercialization in 2021.

The choice of Sorocaba Plant was due to the initial project of the unit, which already provided for the possibility of expansion, as well as the logistics ease of suppliers. To start production of this new vehicle, Toyota plans to hire 300 new employees.

Masahiro Inoue, CEO of Toyota Latin America & Caribbean and Chairman of TDB stated that, "Toyota's commitment to the development of the Brazilian automotive industry and to Brazil is only possible with a strong partnership between the various stakeholders of the company. This announcement of another investment we make in Brazil is the result of the joint work of our employees, suppliers, dealers, unions and the government and reinforces our long-term vision in the country."

Details on the new vehicle, engine, and exact release date will be shared at a later date.

"This announcement of another investment represents a stronger Toyota in Brazil," added TDB President Rafael Chang. "During this decade, which meant challenging times for the economy and the automotive industry, Toyota remained true to its commitment to pursue the smile of its customers, growing sustainably, seeking greater business competitiveness and, fundamentally, contributing to the development of its businesses where it operates."

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