GM bets on e-vehicles with $1.4 bn investment in Brazil
General Motors said Wednesday it will invest seven billion reais (more than $1.4 billion) in Brazil in the next five years to develop electric vehicle production in Latin America’s biggest economy.
“Our future is all-electric,” said the US auto giant’s president for international operations, Shilpan Amin, after meeting President Luiz Inacio Lula da Silva in Brasilia.
Lula, whose administration has pushed auto companies in Brazil to make electric cars locally rather than import them, welcomed the announcement.
“This comes at a great time, with the return of Brazilian economic growth,” the veteran leftist wrote on X, formerly Twitter.
GM currently imports all-electric vehicles sold in Brazil.
Lula also met Wednesday with representatives of Chinese electric vehicle maker BYD, which is planning to build a $600 million plant in Bahia state in northeastern Brazil.
Electric and hybrid vehicles remain rare in Brazil, a major oil producer.
But sales increased by 91 percent last year, according to industry group ABVE.
© 2024 AFP
Citation:
GM bets on e-vehicles with $1.4 bn investment in Brazil (2024, January 25)
retrieved 25 January 2024
from https://techxplore.com/news/2024-01-gm-vehicles-bn-investment-brazil.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.
General Motors said Wednesday it will invest seven billion reais (more than $1.4 billion) in Brazil in the next five years to develop electric vehicle production in Latin America’s biggest economy.
“Our future is all-electric,” said the US auto giant’s president for international operations, Shilpan Amin, after meeting President Luiz Inacio Lula da Silva in Brasilia.
Lula, whose administration has pushed auto companies in Brazil to make electric cars locally rather than import them, welcomed the announcement.
“This comes at a great time, with the return of Brazilian economic growth,” the veteran leftist wrote on X, formerly Twitter.
GM currently imports all-electric vehicles sold in Brazil.
Lula also met Wednesday with representatives of Chinese electric vehicle maker BYD, which is planning to build a $600 million plant in Bahia state in northeastern Brazil.
Electric and hybrid vehicles remain rare in Brazil, a major oil producer.
But sales increased by 91 percent last year, according to industry group ABVE.
© 2024 AFP
Citation:
GM bets on e-vehicles with $1.4 bn investment in Brazil (2024, January 25)
retrieved 25 January 2024
from https://techxplore.com/news/2024-01-gm-vehicles-bn-investment-brazil.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.