SAO PAULO: Leading Japanese automaker Toyota Motor Corp. said Tuesday that it will invest 11 billion reals, or about 330 billion yen, in Brazil by 2030 to make hybrid vehicles that can be powered by both gasoline and ethanol.

Of the total, 5 billion reals will be invested by 2026. Toyota will start manufacturing a new compact hybrid in 2025. It also plans to assemble another hybrid model in Brazil.

The company will expand its plant in Sorocaba in the state of Sao Paulo, a move that will create 2,000 new jobs by 2030.

Major automakers around the world have announced large-scale investments in Brazil. U.S. auto giant General Motors Co. said in January that it will invest 7 billion reals by 2028 to manufacture next-generation vehicles in the South American country.

JIJI Press