Toyota set to invest $2.2 billion in Brazil, unveil new vehicle models

Toyota, the Japanese automaker, is confident to announce an investment of $2.2 billion in Brazil over the next few years, according to statements made by Brazil's vice-president.

This substantial investment puts a spotlight on Toyota's commitment to boosts its presence in the South American country.

The announcement is expected to be made at an event hosted at Toyota's factory in Sorocaba, Sao Paulo state.

Geraldo Alckmin, Brazil's vice-president and minister for industry, revealed on social media that the investments are anticipated to create around 2,000 job opportunities while also facilitating the launch of new vehicle models.

While Toyota has refrained from commenting on the specifics of its future plans, the statement comes following local media reports highlighting the impending investments.

According to reports from O Globo's columnist Lauro Jardim, Toyota is set to manufacture a hybrid car and a sport utility vehicle (SUV) at its Sorocaba unit as part of the planned investment.

Toyota's forthcoming investment in Brazil follows a series of similar announcements from other global automakers, including Volkswagen, General Motors, and Hyundai Motor.

(With inputs from Reuters)