• Wed. Feb 21st, 2024

Brazil’s Automotive Industry Set for a Major Boost with $20.4 Billion Investment by 2029

ByEditor

Feb 13, 2024
Brazil to receive $20.4 billion investment in automotive industry by 2029

Brazil is set to receive a significant investment of 100 billion reais, equivalent to about $20.4 billion, from its automotive industry by 2029. This announcement was made by Brazil’s vice president, Geraldo Alckmin, after a meeting with leaders of the National Association of Motor Vehicle Manufacturers (Anfavea). The investment will primarily focus on transitioning to hybrid and electric models.

The amount is more than double the previously announced figures by the government and reflects the growing commitment of major automakers to invest in Brazil. Companies such as Volkswagen, General Motors, BYD, Stellar, Great Wall Motors, Stellantis group, Chery, and Nissan have already announced significant investments in the country.

According to the vice president, these investments will enable the construction of at least four new factories in Brazil, including the first two electric car factories in the country. He emphasized that the automotive sector has the advantage of stimulating a diverse production chain, generating employment and adding value to the economy through the production of various products such as steel, glass, tires, and spare parts.

In addition to this news regarding the investment in Brazil’s automotive industry, there are other unrelated content pieces that do not pertain to this topic.

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