GM to Spend $1.2 Billion on Brazil Plants
Times Staff and Wire Reports
General Motors Corp. will spend about $1.2 billion in the next four years to build three factories in Brazil, a company spokesman said. The investment is designed to make the largest U.S. auto maker the leader in Brazil as well. Currently, Detroit-based GM, with 22% of Brazil’s auto market, trails Germany’s Volkswagen and Italy’s Fiat, which have 32% and 28%, respectively. Besides its two manufacturing plants already in Brazil, GM will build an auto parts factory in the southern state of Santa Catarina, an auto body plant in Sao Paulo and a manufacturing plant in the southern state of Rio Grande do Sul. GM shares rose 25 cents to $57.875 on the NYSE.
