Brazil to receive $20.4 billion investment in automotive industry by 2029

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

The investment is more than double the figures previously announced by the government and reflects the growing commitment of major automakers to invest in Brazil. Volkswagen, General Motors, BYD, Stellar, Great Wall Motors, Stellantis group, Chery, and Nissan are some of the companies that 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. 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. The investment will also help boost Brazil’s efforts towards reducing carbon emissions and promoting sustainable development.

By Editor

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