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GM to invest $2.8 billion in Brazil in 5 years
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GENERAL Motors Co will invest 6.5 billion reais (US$2.8 billion) in Brazil over the next five years, Chief Executive Officer Mary Barra said, reaffirming the automaker’s long-term plans despite a sharp downturn in the local market.
Speaking to reporters in Brasilia, Barra said capital spending will be focused on new products and technologies, as well as plant maintenance. “We recognize that there are challenges right now, (but) over the midterm and long term we see great prospects in the Brazilian market,” Barra said.
Brazil’s auto industry, which makes up one-fifth of the country’s manufacturing output, has slashed production by 16 percent in the first seven months of the year and laid off thousands of workers as the economy stagnates.
GM and a metalworkers union outside of Sao Paulo are at loggerheads over plans to place some employees at a local factory on paid leave. The union has said the plans could threaten the jobs of 1,000 workers.
The union said it will hold GM to the promise of increasing investment at Sao Jose dos Campos plant. At a press conference, Barra did not mention labor issues.
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