SAO PAULO, (Reuters) – General Motors announced on Wednesday it would invest an extra 3.5 billion reais ($674.88 million) in Brazil, expanding its commitment to the country’s auto industry by 50% and supporting production of hybrid vehicles and factory modernization.
The new amount adds to 7 billion reais announced in 2024, bringing GM’s total planned investment to 10.5 billion reais until 2028, it said in a statement.
The investment will go mainly to the company’s operations in Sao Paulo state, the most populated and wealthiest in the country.
It will support Chevrolet portfolio renewal, incorporation of new technologies including hybrid models, factory modernization and expansion of engineering and manufacturing capabilities.
The initiative will also contribute to generating qualified jobs and strengthening the competitiveness of Brazil’s auto industry, the company said.
($1 = 5.1861 reais)
Reporting by Paula Laier and Fernando Cardoso; Editing by Sonali Paul
