Toyota to invest $2.2bn in Brazil hybrid production

Japanese auto giant Toyota said Wednesday that it plans to invest 11 billion reais ($2.2 billion) in beefing up production of hybrid vehicles in Brazil through 2030.

Despite the boom in electric cars, Japan's automakers have long banked on hybrid vehicles that combine internal combustion engines and batteries, reports BSS/AFP.

Toyota plans to make two "flex hybrid" models in Brazil -- using either petrol or ethanol as well as batteries -- creating around 2,000 jobs, a statement said.

Dressed in traditional Japanese garb, Brazilian Vice President Geraldo Alckmin posted a thank you message on social media platform X that featured Mount Fuji and Japanese characters from Pokemon and manga comics.

"Another important step in the Brazilian economy. Private companies are back investing in Brazil's future," President Luiz Inacio Lula da Silva added on X.

Toyota's competitors have also recently announced major investments in Latin America's biggest economy including General Motors, Volkswagen and South Korea's Hyundai.