Toyota is increasing its bet on flex fuel-hybrid vehicles with an investment of 11 billion reais ($2.2 billion) in its Brazilian operations between 2023 and 2030.
The Japanese automaker will use the money to expand production capacity in Latin America’s largest economy for models that use hybrid-flex fuel technology.
Of the total amount, 5 billion reais is confirmed until 2026 and includes the production of a previously announced new compact hybrid-flex vehicle, with production expected to begin in 2025, as well as another model using the same technology that will be developed specifically for Brazil, according to a statement issued Tuesday. The plan will also see batteries assembled at a Toyota factory in Sorocaba, northwest of Sao Paulo, beginning in 2026, to equip hybrid vehicles already produced locally.