Toyota Motor Corporation’s Brazilian sales and manufacturing subsidiary, Toyota do Brasil Ltda. (TDB), will reportedly invest R$1 billion (US $240 million) in its Sorocaba Plant in Sao Paulo, Brazil, to ready it for the manufacture of a new vehicle model set to enter the Brazilian market in 2021. The plant opened in 2012 and currently produces Toyota’s Etios and Yaris models.
Masahiro Inoue, CEO of Toyota Latin America & Caribbean and Chairman of TDB, stated, “Toyota’s commitment to the development of the Brazilian automotive industry and to Brazil is only possible with a strong partnership between the various stakeholders of the company. This announcement of another investment we make in Brazil is the result of the joint work of our employees, suppliers, dealers, unions and the government and reinforces our long-term vision in the country.”
“This announcement of another investment represents a stronger Toyota in Brazil,” added Rafael Chang, TDB President. “During this decade, which meant challenging times for the economy and the automotive industry, Toyota remained true to its commitment to pursue the smile of its customers, growing sustainably, seeking greater business competitiveness and, fundamentally, contributing to the development of its businesses where it operates.”
To enable mass production of this new vehicle at the plant, Toyota will also hire 300 new employees. Details on the new vehicle, engine, and exact release date will be shared at a later date.