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General Motors invests $500 million to
strengthen South American footprint
Rick Wagoner, General Motors Chairman
and CEO, announced that the company will invest $500 million in
its operations in Argentina and Brazil for the development of a
new generation of small vehicles for Latin America and other
emerging markets. The investment also includes the expansion of
GM's Brazilian product development center.
GM's plant in Rossario, Argentina
The investment includes two major
Development of a new family of small
vehicles that will be built in Argentina and Brazil. This will
include upgrades to GM's plants in Rosario, Argentina and Sao
Caetano do Sul, Brazil. It also includes product development
work to be done at the GM Brazil product development center in
Sao Caetano do Sul.
Expansion of GM's product development center in
Brazil, including a new engineering building in Sao Caetano do Sul and
new equipment and infrastructure to support the growing role of GM
Brazil in the company's global product development process. "With the
improved economic environment in Argentina and Brazil, we are proceeding
with our next phase of investments to support our continued growth in
Latin America and around the world," Wagoner said.
"GM has a rich history in the Mercosul region,
and we look forward to continuing our growth for many years to come."
This investment supports the important role GM
Brazil is playing in the company's global product development process -
- especially focused on the growing emerging markets.
"We have been growing our engineering resources
in key emerging markets like Brazil, China and India - not only for
development of vehicles for their own markets, but for other emerging
markets as well," Wagoner said. "This investment will enable us to take
full advantage of the expertise we have in Brazil and support our
planned local and global sales growth."
GM sales have been very strong in Latin
America. Through the first two quarters of 2007, GM sales in Brazil and
Argentina are up 18 and 16 percent respectively versus the same period
in 2006. Both GM Argentina (75,000) and GM Brazil (410,000) set all-time
sales records in 2006.
July 18, 2007