GM Announces Investment to Build on Strong Business Performance in South America
January 25, 2024 by General MotorsInvestment focused on new vehicle portfolio based common vehicle platform for domestic production and imports from North America BRASILIA, DF, Brazil — General Motors Co. (NYSE: GM) announced today a R$ 7 billion (US$1.4 billion) investment in its plants and operations in Brazil to deliver a new generation vehicle portfolio for customers in South America. The investment is primarily focused on production facility upgrades in Brazil to deliver a new generation of locally produced internal combustion engine (ICE) vehicles, as well as a portfolio of imported ICE and electric vehicles. GM Senior Vice President and President of GM International Shilpan Amin and GM South America President and Managing Director Santiago Chamorro made the announcement in Brasilia, Brazil, following a meeting with the President of the Republic of Brazil, Luiz Inácio Lula da Silva. 'With our long history and investments for the future, Brazil is a critical market for our growing GM business,' said Amin. 'Brazilian motorists continue to confirm Chevrolet as their most-loved brand. Our Chevrolet Tracker, Onix and Montana continue to perform strongly, and we see great opportunities in the future for our domestic and imported vehicles, OnStar connectivity and other businesses.' 'On the technology side, our local product development team is delivering world-class innovation, and we know that customers are tech-savvy, early adopters eager to embrace electrification, in line with the country's predominantly clean energy matrix.' Chamorro said the first phase of GM's new investment cycle would be underway leading into the company's centenary celebrations in Brazil, taking place in 2025.
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'This will be the most transformative period for GM in Brazil. We are moving with speed to meet and exceed the expectation and preferences of our customers and the communities in which we operate. We are working with our employees, dealers, suppliers, and other business partners to lead this movement,' said Chamorro.
