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Toyota Opens New Brazil Plant – Hopes to Prop up Latin American Sales

Fiat Chrysler also betting on Brazilian economic rebound.

by on May.11, 2016

Toyota's CEO Akio Toyoda announced a profitable quarter for the automaker, then the company announced its new $170 million engine plant in Brazil.

Toyota, which Wednesday announced yet another record annual profit, has opened a new engine manufacturing plant in Brazil that it hopes will bolster the automaker’s operations throughout Latin America.

But the debut of the new factory comes at an unusually tough time for the Japanese giant. Even while earning a record $21 billion for the fiscal year that ended March 31, Toyota warned it would see as much as a 35% decline in the coming fiscal year. And one reason is weak sales in Latin America.

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Things have gotten particularly dire in Brazil, a country in the midst of its worst recession in decades, as well as a political upheaval that is considered increasingly likely to result in the ouster of its embattled president. (more…)

Toyota Targeting Latin American Growth

Sees Brazil, Mexico key to remaining world’s largest automaker.

by on Aug.30, 2013

Former GM senior exec Mark Hogan recently became the first American on Toyota's board of directors.

Toyota Motor Co., the world’s largest automaker, is looking to expand its presence in Latin America where it has underperformed key competitors such as General Motors, Volkswagen and Nissan, a new member of the automaker’s board of directors said.

Mark Hogan, former president of Magna International and former General Motors executive, who on June 1 became the first American to serve on Toyota’s board of directors, told reporters that Toyota needs to expand its footprint in booming, Latin American markets such as Brazil and Mexico.

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“Toyota is an extremely strong brand in Brazil but it under-performs in the market,” Hogan told reporters during a Toyota press event organized to review the company’s hybrid technology. “We only have about 5% market share. It should be higher,” he said.

“Brazil is a very important market for Toyota,” added Hogan who ran GM do Brasil for several years. One of his key assignments as a new board member will be to help Toyota expand its foothold in Latin America.