*Brazil’s government has announced that US car manufacturer General Motors (GM) has launched a new investment plan to develop its operations in Brazil. The carmaker plans to invest R$7bn (US$1.42bn) in Brazil from 2024-2028. President Luiz Inácio Lula da Silva held a meeting with GM executives on 24 January to discuss the priorities of the investment plan, which includes plans to boost electric vehicle production. The US company is facing competition in Brazil from Chinese electric vehicle manufacturer BYD, which last year confirmed the acquisition of a factory in the north-eastern state of Bahia. Lula stated on social media that he also met BYD executives on 24 January. During the meeting, he said that the BYD representatives confirmed that the company will invest R$3bn in the Bahia factory. The Brazilian government’s meetings with car manufacturers comes amid its efforts to revitalise the country’s stagnant industrial sector, with Lula having announced a new investment plan for the sector on 22 January.
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LatinNews Daily - 25 January 2024
In brief: US carmaker GM to boost investment in Brazil
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