Toyota Motor said its Brazilian sales and manufacturing subsidiary, Toyota do Brasil (TDB), would spend BRL1bn (US$243m) at its Sorocaba plant in Sao Paulo.
The plant, which opened in 2012 and already produces the Etios and Yaris Ativ models, will add a new model in 2021.
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Sorocaba Plant was chosen as there was room to expand the plant, logistics were good and there was an established local supplier base.
Toyota plans to hire 300 new workers.
Masahiro Inoue, CEO of Toyota Latin America and Caribbean and chairman of TDB said: “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 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.”
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By GlobalDataDetails of the new vehicle, engine, and exact release date will be announced later, the automaker said.
