This article has been reviewed according to Science X's editorial process and policies. Editors have highlighted the following attributes while ensuring the content's credibility:

fact-checked

reputable news agency

proofread

GM bets on e-vehicles with $1.4 bn investment in Brazil

e-vehicle
Credit: Pixabay/CC0 Public Domain

General Motors said Wednesday it will invest seven billion reais (more than $1.4 billion) in Brazil in the next five years to develop electric vehicle production in Latin America's biggest economy.

"Our future is all-electric," said the US auto giant's president for international operations, Shilpan Amin, after meeting President Luiz Inacio Lula da Silva in Brasilia.

Lula, whose administration has pushed auto companies in Brazil to make locally rather than import them, welcomed the announcement.

"This comes at a great time, with the return of Brazilian economic growth," the veteran leftist wrote on X, formerly Twitter.

GM currently imports all- sold in Brazil.

Lula also met Wednesday with representatives of Chinese electric vehicle maker BYD, which is planning to build a $600 million plant in Bahia state in northeastern Brazil.

Electric and hybrid vehicles remain rare in Brazil, a major oil producer.

But sales increased by 91 percent last year, according to industry group ABVE.

© 2024 AFP

Citation: GM bets on e-vehicles with $1.4 bn investment in Brazil (2024, January 25) retrieved 18 April 2024 from https://techxplore.com/news/2024-01-gm-vehicles-bn-investment-brazil.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Explore further

Deforestation hits record low in Brazilian Amazon in November

1 shares

Feedback to editors