The conservative São Paulo state government announces US$340 million in investments by Toyota

The governor of São Paulo, the conservative Tarcísio de Freitas, announced the adhesion of Toyota to the ProVeículo Verde Program (Green Vehicle Program).

The initiative encourages the development of less polluting vehicles with the release of accumulated ICMS credits.

The information was disclosed on Wednesday 19 during a ceremony with Governor Tarcísio and Rafael Chang, president of Toyota Brazil.

During the event, R$1.7 billion (US$340 million) in investments were announced, in the wake of the program.

Government support made two Toyota projects possible in Sorocaba (SP).

They are the production of a new compact hybrid-flex vehicle, with an investment of R$1.6 billion, and the updating of another model of the same type, with an investment of R$62 million.

“It is the largest investment programmed under the ProVeículo Verde program since its launch in March 2022,” informed the São Paulo state government.

The adhesion to the Green Vehicle Program will allow the brand to use accumulated ICMS credits, as a counterpart to the investments.

The amounts will be used to produce the new model, which will join the Corolla Cross and the Corolla sedan in the company’s strategy to expand the options of electrified vehicles.

“It is a happy, joyful day of announcing investments,” said Tarcísio.

“There is a powerful tool to bring trust back: delivering on commitments. We have a commitment to São Paulo’s growth, development, recovery of competitiveness, acceleration of activities and job creation.”

“And on the whole economic issue, we are thinking, in the end, about jobs and people. That’s why our government is 3D: development, dignity and dialogue, that’s fundamental.”

With information from Revista Oeste