Geraldo Alckmin, Vice President of Brazil, took an interesting approach to commemorate a major investment by Toyota Motor. The Japanese automaker announced on Tuesday that it will invest 11 billion reais ($2.2 billion) in its operations in Brazil by 2030 and develop a flexible hybrid vehicle specifically for the Brazilian market.
“Thank you so much for your cooperation, Toyota!” Alckmin published on X, formerly Twitter. The attached photo was more striking: Alckmin in a kimono, standing behind Mount Fuji, a pagoda and a series of Japanese anime characters, such as Naruto, Goku (from the anime “Dragon Ball”) and Pikachu. The photo also shows a character from the 1980s anime “Saint Seiya”, which aired in Brazil in 1994.
Thank you so much for your cooperation, Toyota!
– Confidence: R$11 billion in investments, until 2030, with R$5 billion until 2026
– Income: 2 thousand new direct jobs and 8 thousand indirect jobs, by 2030
– Innovation: new car models
– Sustainability: even more efficient vehicles, even… pic.twitter.com/bfqUzUQNm6— Geraldo Alckmin 🇧🇷 (@geraldoalckmin) March 5, 2024
In his post, Alckmin said Toyota’s investment will directly create 2,000 new jobs and indirectly create another 8,000 by 2030.
As part of its investment, Toyota will expand its factories in the cities of Porto Feliz, which will start building engines with hybrid systems by 2025, and Sorocaba, which will start assembling batteries by 2026.
Not only Toyota
The Japanese automaker isn’t the only company pumping money into Latin America’s largest economy. General Motors, Volkswagen and Hyundai have also announced investments in Brazil this year. All three automakers have factories in the country.
Electric vehicle giant BYD has also started work on a plant in Brazil, which will be operational by the end of 2024.
Investment in Brazil’s automotive industry is rising after the country’s government unveiled a policy to reduce carbon emissions from its car fleet. The government offers tax incentives to businesses to encourage investment in decarbonisation.
Toyota is a pioneer in the hybrid vehicle market, with president Akio Toyoda often promoting them over fully electric vehicles. Toyoda is skeptical of the push for full electrification, saying instead that there are multiple paths to carbon neutrality. This gamble may have paid off, as Toyota boasts strong hybrid vehicle sales even as the rest of the EV market slows.