Toyota may extend its investment in alternative sources of fuel for vehicles by looking into cars that are powered by ethanol and other alternative fuels.

The hint was given by the automaker's North American president Jim Press who said: "We're already developing vehicles that can operate in ethanol-rich Brazil and we're optimistic that we can offer similar vehicles to American consumers."

According to Reuters, Press did not elaborate on Toyota's plans for flexible fuels but noted that international auto companies have been behind the industry's overall growth.

Toyota has had success with hybrid technology in the US and Press added that the company was looking at a plug-in hybrid model. The car is currently an experimental design that can be charged through a standard electrical outlet.