Volkswagen To Invest A Further $1.8 Billion In Brazil In Next Five Years
German carmaker Volkswagen said on Thursday itinvest an additional 9 billion reais ($1.83 billion) in its Brazilian business over the next five years and launch 16 models, including hybrid and electric vehicles.
Theinvestments would more than double Volkswagen’s 2022-2028 Brazil investment plan to 16 billion enable it to produce four more models than previously planned, including its first Brazil-made hybrids, a 100% electric model and a pick-up truck.
“Volkswagen is reaffirming its confidence in Brazil anddoubling its investments,” the company’s Brazil Chief Executive Ciro Possobom said in a statement.
The newly planned pick-up truck will be produced in Parana state while the three other additional models and ahybrid engine will be made factories around Sao Paulo state, the company said. It will also develop an advanced driver assistance system intended to vehicle safety.
Volkswagen said it expanded its Brazilian market share in 2023 by just over 2 percentage points to 15.8%, selling more than 345,000 units throughout the year.
President Luiz Inacio Lula da Silva is expected to visit a factory in Sao Paulo state for an event on Friday.