Brazil Vice President Says Toyota Will Invest $2.2 Billion

[Judi Lynn]

Lula offering tax breaks for more energy efficient vehicles
This year Volkswagen and GM announced investments in Brazil

By Andrew Rosati
March 3, 2024 at 5:58 PM CST

Toyota Motor Corp. plans to announce on Tuesday a 11 billion reais ($2.2 billion) investment in Brazil over the coming years, the country’s Vice President Geraldo Alckmin said.

On Sunday, Alckmin wrote on X, the social media platform formally known as Twitter, that the investment would create 2,000 jobs at Toyota’s factory in the city of Sorocaba, in Sao Paulo state.

Toyota Brazil did not immediately respond to an email seeking comment.

The planned investment follows similar moves by Volkswagen AG and General Motors Co., which have announced plans to spend billions of dollars in Brazil since new automaker guidelines were unveiled in December. President Luiz Inacio Lula da Silva is offering tax breaks to companies that produce electric and more energy-efficient vehicles as part of his plans to foster a green revolution in Latin America’s largest economy.

https://www.bloomberg.com/news/articles/2024-03-03/brazil-vice-president-says-toyota-will-invest-2-2-billion?embedded-checkout=true

[GreenWave]

1. The boom continues.