Sap Paulo: Toyota Motor Corp. plans to invest 1.7 billion reais ($337.68 million) in Brazil to manufacture new hybrid, flex-fuel compact car, said the company, reports Reuters.
The vehicle will run on gasoline, and ethanol as well as on electric engine.
The Japanese company is eying the Brazilian market as majority of cars in the country run on ethanol.
The car will be on roads in Brazil in 2024 and would be sold in 22 countries.
According to the Sao Paulo state government, the engine of the car will be manufactured in Toyota’s Porto Feliz plant and this would generate 700 jobs.
“Toyota will be investing in Brazil to manufacture hybrid vehicles as it has faith in the Brazilian market,” said Rafael Chang, local head of the company.
