Toyota bets big on hybrids in Brazil with $2.2 billion plan

baua

Toyota bets big on hybrids in Brazil with .2 billion plan


  • Toyota plans to make two “flex hybrid” models in Brazil — using either petrol or ethanol as well as batteries — creating around 2,000 jobs
Toyota plans to make two “flex hybrid” models in Brazil — using either petrol or ethanol as well as batteries — creating around 2,000 jobs. REUTERS/Aly Song/File Photo (REUTERS)

Japanese auto giant Toyota plans to invest 11 billion reais ($2.2 billion) in beefing up production of hybrid vehicles in Brazil through 2030. Despite the boom in electric cars, Japan’s automakers have long banked on hybrid vehicles that combine internal combustion engines and batteries.

Toyota plans to make two “flex hybrid” models in Brazil — using either petrol or ethanol as well as batteries — creating around 2,000 jobs, a statement said.

Brazilian Vice President Geraldo Alckmin posted a thank you message on social media platform X that featured Mount Fuji and Japanese characters from Pokemon and manga comics.

Also Read : Hybrids vs EVs: where should government put its money

“Another important step in the Brazilian economy. Private companies are back investing in Brazil’s future,” President Luiz Inacio Lula da Silva added on X.

Toyota’s competitors have also recently announced major investments in Latin America’s biggest economy including General Motors, Volkswagen and South Korea’s Hyundai.

First Published Date: 06 Mar 2024, 09:53 AM IST

CrowdStrike is grabbing headlines but Luxaviation is busy electrifying airports

A problem with CrowdStrike crippled Microsoft systems and grounded planes at airports around the world…

Mack MD Electric semi truck gets to work at PITT OHIO fleet

Logistics and LTL shipping providers PITT OHIO are adding four Mack MD Electric commercial trucks…

CNH puts CASE, New Holland electric wheel loader into production

Just weeks after its official unveiling, CNH inaugurated a new production line for the company’s…