General Motors Co said it is negotiating “feasibility conditions” to invest 10 billion reais ($2.73 billion) in Brazil from 2020 to 2024, after having warned last month that new investments would depend on returning to profit.
The automaker also said it is completing an investment plan of 13 billion reais between 2014 and 2019.
“As market leaders, we are taking on the responsibility of facing the challenges of competitiveness that the industry is experiencing in order to make a sustainable future possible for our businesses and the proper return to shareholders,” said Carlos Zarlenga, chief executive of GM Mercosul, in a statement.
“We continue to work with unions, dealers, suppliers and the government in order to enable this new and additional 10 billion reais investment in the factories of Sao Caetano do Su dos Campos,” he added.
