Transportation
GM to Invest $1.4 Billion in Brazil With Focus on Electric Cars
- Move follows introduction of new green automotive guidelines
- Flexible-fuel cars have caused Brazil to lag global EV shift
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General Motors Co. said it plans to invest 7 billion reais ($1.4 billion) into operations in Brazil over the next five years, as it seeks to accelerate production of electric vehicles in the South American nation that has so far been slow to embrace battery-powered cars.
The US company is the first of the traditional carmakers that operate in Brazil to announce investments since President Luiz Inacio Lula da Silva’s government introduced new guidelines for the local automotive sector in December. Rivals Volkswagen AG and Stellantis NV are also expected to announce new investment plans for Brazil this year.