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Toyota to sell first hybrid car made in Brazil


Reuters


SAO PAULO, April 17 (Reuters) - Japan'sToyota Motor Corp said on Wednesday it will begin building a new version of the Corolla sedan in Brazil that will run on electricity, ethanol and gas, which it says will be the first vehicle of its kind in the world.

Brazil, which is South America's largest auto producer, has largely resisted the shift toward electric and hybrid vehicle production that has swept through more developed markets.

Some of Toyota's competitors in Brazil, including General Motors and Volkswagen AG VOWG_p.DE, have said they will import electric vehicles but do not plan to produce them domestically.

Toyota said in a statement that it made the decision to build the Corolla in Brazil in part thanks to a package of tax incentives passed by the country's Congress, known as Rota 2030. Unlike in most markets around the world, ethanol is a common car fuel in Brazil.

Toyota already imports the hybrid Prius to Brazil.

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This article appears in: Stocks , World Markets , Economy




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