General Motors announced on Wednesday that it will invest 7 billion real (1.42 billion US dollars) in Brazil from this year to 2028 to promote its "sustainable mobility".
General Motors stated in a statement that the funds will be used for& Quota; Comprehensive updates; Quota; The car manufacturer's automotive product portfolio in Latin America's largest economy will help develop technology and create new businesses.
General Motors has not yet planned when to start producing electric and hybrid vehicles in Latin America. General Motors stated that this decision will be based on the development of the local market.
This marks the victory of Brazilian President Luiz Inacio Lula da Silva, who has been committed to revitalizing domestic industry in Brazil. Lula welcomed this and stated that this investment will have a significant impact on development and social inclusion.
This large-scale bet is part of the first phase of General Motors Brazil's new investment cycle, aimed at "enhancing the company's competitiveness and the sustainability of its operations and products.". A few months ago, workers at General Motors' factory in S ã o Paulo went on strike to protest against the company's layoffs of 1245 employees. After a court ruling, the layoff plan was revoked.
Fabio Rua, Vice President of General Motors South America, stated that the layoffs occurred at a "specific moment" last year, but his long-term vision in Brazil is "to grow and continue hiring employees.".
General Motors did not provide further details on the investment, but earlier this month it announced plans to launch six models in Brazil this year, the first of which is a redesigned Spin seven seater pickup truck.