GM to invest $2.7bn in Brazil's Sao Paulo over five years | 2019-03-21 | daily-sun.com

GM to invest $2.7bn in Brazil's Sao Paulo over five years

20th March, 2019 11:15:13 printer

SAO PAULO: General Motors Co said on Tuesday it would invest 10 billion reais (US$2.65 billion) in two of its Brazilian plants in Sao Paulo state over the next five years, reversing what the state's governor said was a previous plan to shut down the plants, potentially costing 65,000 jobs.

Under the new plan, GM will invest in its Sao Caetano do Sul and Sao Jose dos Campos plants, the latter of which had been starved of investments in recent years, report agencies.

The automaker is the sales leader in Brazil's market, the largest in South America, but had warned employees that it was dealing with heavy losses, adding that "sacrifices" would be necessary.


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