Toyota to invest $2.2 bn in Brazil hybrid production
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| Toyota to invest $2.2 bn in Brazil hybrid production, Source: toyota.com |
Despite the boom in electric cars, Japan's automakers have long banked on hybrid vehicles that combine internal combustion engines and batteries.
Toyota plans to make two "flex hybrid" models in Brazil -- using either petrol or ethanol as well as batteries -- creating around 2,000 jobs, a statement said.
Dressed in traditional Japanese garb, Brazilian Vice President Geraldo Alckmin posted a thank you message on social media platform X that featured Mount Fuji and Japanese characters from Pokemon and manga comics.
"Another important step in the Brazilian economy. Private companies are back investing in Brazil's future," President Luiz Inacio Lula da Silva added on X.
Toyota's competitors have also recently announced major investments in Latin America's biggest economy including General Motors, Volkswagen and South Korea's Hyundai.
 | Toyota's Daihatsu suspends all domestic production Japanese car maker Daihatsu has suspended all its domestic production as the Toyota-owned company faces a massive safety testing scandal. |
 | Toyota suspends shipments of 10 models on testing irregularities Toyota said Monday it was suspending shipments of 10 models that use engines linked with testing irregularities at an affiliate company. |
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