SAO PAULO—Toyota Motor Corp. said on Wednesday it will invest 1.7 billion reais ($337.68 million) to manufacture a new hybrid, flex-fuel compact car in Brazil, which will run on both gasoline and ethanol in addition to its electric engine.
The Japanese carmaker has been betting big on the segment in the South American country, where most cars can run on 100 percent ethanol, having in 2019 launched Brazil’s first hybrid flex-fuel vehicle, a version of its flagship sedan the Corolla.
Rivals Stellantis and Volkswagen are also investing in the technology, going against U.S.-based General Motors and Ford, which have focused on fully electric cars….