The vice-president of Brazil, a South American nation, announced on Sunday that Japanese automaker Toyota would make an announcement on Tuesday regarding an 11 billion real ($2.2 billion) investment over the next few years.
After the additional investments were originally reported by the local media earlier on Sunday, Toyota released a statement in which it stated that it had no comment on any possible future intentions.
Geraldo Alckmin, the vice president and minister of industry of Brazil, said on social media that the investments will be made public during a function held at Toyota’s factory in the state of Sao Paulo.
He continued by saying that new models and 2,000 employment are anticipated as a result of the investments.
Lauro Jardim, a journalist for the local newspaper O Globo, said earlier on Sunday that Toyota will produce a sports car and a hybrid.
Columnist Lauro Jardim of the local daily O Globo, who first reported on the anticipated investment on Sunday, stated that Toyota will produce a sport utility vehicle (SUV) and a hybrid car at the Sorocaba facility, though he did not specify which models would be produced.
Following other international automakers like Volkswagen, General Motors, and Hyundai Motor, Toyota is the most recent to announce plans to increase investment in Brazil this year.
