SAO PAULO (Reuters) – Toyota Motor Corp on Thursday announced a 1 billion reais ($243.29 million) expansion at a plant in the Brazilian state of Sao Paulo, joining Volkswagen and General Motors in new investments in the region.
Toyota said the funding would allow the Sorocaba plant, which builds the Etios and Yaris sedan models, to produce a new vehicle model. It did not provide details on the new model.
Sao - Paulo - State - Heart - Brazil
Sao Paulo state has long been the heart of Brazil’s auto industry, which is in turn the largest in South America, but it had recently been losing steam against aggressive incentives offered by other states to lure manufacturers.
Ford Motor Co announced plans in February to shut down and sell one its oldest Sao...
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