SAO PAULO: Honda Motor Co. said Friday that it will spend 4.2 billion reals in Brazil by 2030 as a strategic investment as the Japanese automaker considers the country as a promising market.

The investment will finance projects including a plan to roll out hybrid vehicles that can run on ethanol.

Honda is the latest among global automakers that have announced large-scale investments in Brazil this year since the Brazilian government unveiled an industrial policy late last year including seeking to make the auto industry carbon-free.

Investments in Brazil announced this year by global automakers, including Toyota Motor Corp. and General Motors Co. as well as Honda, have totaled about 130 billion reals.

Honda executives briefed Brazilian President Luiz Inacio da Silva on the investment plan and the company’s goal of reducing greenhouse gas emissions to net zero by 2050.

JIJI Press