Toyota announces major investment in Brazil

RIO DE JANEIRO, Sept. 28 (Xinhua) -- Japanese vehicle manufacturer Toyota on Friday said it planned to invest 1 billion reals (250 million U.S. dollars) to modernize its plant in southeastern Brazil.

According to Toyota, the investment will be used to improve, update and modernize all manufacturing processes in the factory to increase its competitiveness in the Brazilian and Latin American markets.

It is the first large investment in Brazil's automotive sector after the government announced the Route 2030 Program, a 15-year plan that promises a better future for its auto industry.

The plant is in Indaiatuba in the state of Sao Paulo.?