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Toyota to invest 1B reais in Brazilian plant

Toyota Motor Corp. said Sept. 19 its Brazilian subsidiary Toyota do Brasil Ltda. will spend 1 billion reais to produce a new vehicle model at its plant in Sorocaba, São Paulo.

Toyota Brazil plans to add another assembly line to produce the model that is slated for commercialization in the country in 2021 and plans to hire 300 new employees at the site. The plant, which was established in 2012, assembles the Etios and Yaris models.

Toyota has yet to disclose details of the new vehicle, engine and release date.

The announcement comes two days after Toyota and its affiliate Aisin Seiki Co. Ltd. pledged to invest a combined $791 million in Texas.

As of Sept. 18, US$1 was equivalent to 4.10 reais.