SAO PAULO, June 24 (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)
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