Brasília – After having invested BRL 500 million (roughly USD 146 million at current exchange rates) in its plant Porto Feliz (São Paulo) since 2012, Toyota announced this Tuesday (29) that it will funnel another BRL 600 million into the same unit, where compact car Etios engines are made. The plant opened this year. It will now also make engines for the Corolla model, for sale domestically and across Latin America.
The announcement was made by the automaker’s Latin America CEO Steve St. Angelo after a meeting with Brazilian president Michel Temer at government seat Palácio do Planalto. “Besides nationalizing the Corolla engines, this investment will create some 200 job opportunities directly in Toyota,” St. Angelo said. The amount will be rolled out through the second half of 2019.
*Translated by Gabriel Pomerancblum
