General Motors to Invest $1.4 Billion In Brazil By 2028

• General Motors (GM) is set to invest 7Bn reals (US$1.42Bn) in Brazil between this year and 2028 in a bid to boost "sustainable mobility", the company said on Wednesday, January 24,.
• The sum will fund a "complete renewal" of the automaker's vehicle portfolio in Latin America's largest economy and will help develop technologies and create new businesses.
• The automaker did not provide a forecast for when it will start producing electric and hybrid vehicles in the country. It was noted that this decision will depend on the evolution of the local market.
• The announcement represents a victory for President Luiz Inacio Lula da Silva, who has been focusing efforts on reigniting Brazil's domestic industry. Lula welcomed the news, saying the investment will have a significant impact on development and social inclusion.
• GM's bet is part of the first phase of what it called a new investment cycle in Brazil, which aims to "strengthen the company's competitiveness and the sustainability of its operations and products."

 (Source: Reuters)