According to The Latin American Tribune, US automaker General Motors plans to invest 6.5 billion reais (nearly $3 billion) in Brazil over the next five years, CEO Mary Barra said.
Barra said after meeting with Brazilian President Dilma Rousseff that GM has a nearly 90-year track record in Brazil and plans to be in the country for the long-term.
General Motors has been operating in Brazil since 1926 and currently has three factories in the South American country – in the cities of São Caetano do Sul, São José dos Campos and Gravatai.
It also has two auto-parts plants and a technology center that is tasked with designing new Chevrolet models.
COMMENT: The five-year investment schedule will go toward developing new products, as well as acquiring new technologies and making other upgrades at its factories.
Brazil is GM’s third-largest market worldwide, according to the company’s figures, with sales totaling 649,849 units in 2013.