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Toyota to invest $338 million in new hybrid, flex car in Brazil

© Reuters. FILE PHOTO: A Toyota Logo is seen at a Toyota dealership in Zaventem, Belgium, November 25, 2022. REUTERS/Johanna Geron/File Photo
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SAO PAULO (Reuters) – Toyota Motor (NYSE:TM) Corp said on Wednesday it will invest 1.7 billion reais ($337.68 million) to manufacture a new hybrid, flex-fuel compact car in Brazil, which will run in both gasoline and ethanol in addition to its electric engine.

The announcement came at an event attended by Toyota’s local head Rafael Chang and Sao Paulo Governor Tarcisio de Freitas. The Japanese carmaker had in 2019 launched Brazil’s first hybrid flex-fuel vehicle, a version of its flagship sedan the Corolla.

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