Toyota Motor Corporation has announced that it will invest an additional 330 billion yen by 2030 to produce new vehicles equipped with hybrid systems in South America and Brazil.
The Brazilian government has a policy of giving preferential treatment to companies that produce environmentally friendly cars, and automobile companies have been announcing large-scale investment plans one after another.
On the 5th, Toyota Motor Corporation held a ceremony at its main factory in Sorocaba, São Paulo state, Brazil, and announced that it will invest approximately 330 billion yen (11 billion real Japanese yen) into factories in the state by 2030.
The company plans to produce a new type of ``flex-hybrid vehicle,'' which is equipped with a hybrid system and can run on ethanol, which emits less carbon dioxide than gasoline.
It is said that 2,000 direct jobs will be created locally, and Brazil's President Lula welcomed the project, posting on social media that it is "an important step for the Brazilian economy."
Brazil, which has the largest economy in South America, is also a hub for exporting cars to other countries in Central and South America, and the Brazilian government has announced a policy of giving preferential tax treatment to companies that produce environmentally friendly cars.
For this reason, this year, automobile companies such as Germany's Volkswagen, America's GM (General Motors), and South Korea's Hyundai Motors have been announcing large-scale investment plans one after another.