According to statements by Brazil's vice president, Japanese automaker Toyota will soon announce that it will invest 11 billion reais ($2.2 billion) in Brazil in the coming years.
On Sunday, Toyota announced that, despite local media reports of new investments, it was not making any comment on possible future plans.
Read more: Toyota believes electric vehicles are a "waste of money"
Brazil's Vice President and Minister of Industry, Geraldo Alckmin, announced via social media that the investments will be unveiled at an event at Toyota's plant in Sorocaba, São Paulo.
The investments are expected to create 2,000 new jobs and promote the launch of new models.
According to O Globo, Lauro Jardim, a columnist for the local newspaper, Toyota plans to produce a hybrid car and an SUV at the Sorocaba plant, without specifying the specific models.
Toyota will be the latest global automaker to announce plans for additional investment in Brazil this year, following in the footsteps of companies such as Volkswagen, General Motors and Hyundai Motor, which have invested in the Brazilian market to strengthen their presence.
See also: Toyota: Potentially fatal defect requires the recall of thousands of vehicles
Source: cnbc
