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Toyota invests $2.2 billion in hybrid strategy in Brazil
Japanese auto giant Toyota is set to invest 11 billion reais ($2.2 billion) in boosting hybrid vehicle production in Brazil by 2030. This move comes as Japan’s automakers continue to focus on hybrid vehicles that combine internal combustion engines and batteries, despite the rise of electric cars.
Toyota’s plan includes the production of two “flex hybrid” models in Brazil, utilizing either petrol or ethanol along with batteries, which is expected to generate around 2,000 jobs in the region. Brazilian Vice President Geraldo Alckmin expressed his gratitude on social media, showcasing a message featuring iconic Japanese symbols from popular culture.
President Luiz Inacio Lula da Silva also commented on the investment, highlighting the positive impact it will have on Brazil’s economy and future prospects. The move by Toyota follows similar investments by its competitors such as General Motors, Volkswagen, and Hyundai in Latin America’s largest economy.
With the automotive industry evolving towards more sustainable options, Toyota’s commitment to hybrid technology in Brazil further solidifies the company’s position in the market. As global demand for eco-friendly vehicles continues to grow, Toyota’s strategic investment in Brazil is a testament to its long-term vision and commitment to innovation.
The decision to expand hybrid vehicle production in Brazil not only aligns with market trends but also reflects Toyota’s dedication to sustainability and environmental consciousness. As the automotive landscape evolves, Toyota’s investment in Brazil signals a shift towards more eco-friendly transportation solutions in the region.
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