GM doubles Brazil investment to $1.9 billion

Even as it announced a US$ 1 billion (Rs 6,317 crore) investment plan for India, General Motors said today that it is expanding its investments in Brazil to $3.84 billion (Rs 24,257 crore) in the 2014-2019 timeframe. With this new announcement, GM will double the amount of money to be invested locally in the next four years.

The additional $1.9 billion (Rs 12,002 crore) investment aims to strengthen GM’s business through the development of an all-new global Chevrolet vehicle family designed to meet customers’ rapidly changing demands.

The new vehicle family is being developed by a multinational team of engineers and designers assigned to ensure each entry is tailored to meet the expectations of customers in markets such as Brazil, China, India and México. There are no plans to export the vehicles to mature markets such as the United States.

Earlier today, Chevrolet announced it is investing $5 billion (Rs 31,585 crore) to strengthen its business in these global growth markets. "This investment plan will allow the Chevrolet brand to renew its vehicle line with a focus on connectivity, safety and fuel efficiency delivered at a compelling value,” said Jaime Ardila, president of General Motors South America.

Since the last announcement in August 2014, GM do Brasil has begun updating its product portfolio and is about to OnStar and the second generation of MyLink, which will expand the integration between drivers, smartphones and the cars.

Santiago Chamorro, president of GM do Brasil, added: “This is the largest investment plan ever done by the company in Brazil and demonstrates the commitment to the country and the confidence in the long-term growth potential of the local market.”