2024-03-06 20:01:53
Automaker Stellantis will invest 30 billion reais ($6.07 billion) in Brazil between 2025 and 2030, the company said on Wednesday. The aim is to launch more than 40 new cars and introduce hybrid flex vehicles in the country.
The investments, announced shortly following a meeting between company executives and President Luiz Inacio Lula da Silva, come as the government seeks to revitalize the country’s industry.
Other car manufacturers such as GM, Volkswagen, Hyundai and Toyota had already announced investments in the country.
Stellantis’ plans for Latin America’s largest economy include electrifying its flex-fuel models that can run on both gasoline and ethanol, Chief Executive Officer Carlos Tavares said at a news conference.
The company’s next launch is scheduled for the second half of the year and will be a hybrid vehicle, he said.
Stellantis, which owns brands such as Fiat, Peugeot and Citroën, also said it plans to produce an electric vehicle in the country, although without giving a timeline.
Tavares said the investment plan will follow the rules of Brazil’s Mover automobile program, which provides tax breaks for automakers that invest in sustainability and establishes new commitments to reduce the industry’s environmental impact.
“It’s a pragmatic and smart program,” he said. “This alignment of interests between the Brazilian government and our company is essential.”
Stellantis, which has three factories in the country, announced last month that it was a
majority shareholding
to the Brazilian automotive supplier DPaschoal.
According to the Brazilian government, car manufacturers, including Chinese firms BYD and GWM, which recently arrived in the country, have already announced investments totaling 65.3 billion reais in Brazil over the next few years.
($1 = 4.9386 reais) ($1 = 0.9177 euros) (Reporting by Bernardo Caram; Editing by Peter Frontini and Andre Romani, Editing by Franklin Paul and Steven Grattan)
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