Japanese car giant Toyota has announced plans to invest 2.2 billion USD to increase production of hybrid cars in Brazil by 2030.
Despite the boom in electric cars, Japanese manufacturers have long relied on hybrid vehicles, which combine internal combustion engines and batteries. Toyota plans to produce two “flexible hybrid” models in Brazil – using gasoline or ethanol as well as batteries – creating about 2,000 jobs, the statement said.
Dressed in traditional Japanese clothing, Brazilian Vice President Geraldo Alckmin posted a message of thanks 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 once again investing in the future of Brazil”, added the President of Brazil Luiz Inácio Lula da Silva.
Toyota’s rivals have also recently announced major investments in Latin America’s largest economy, including General Motors, Volkswagen and South Korea’s Hyundai.
