Automakers announce BRL 10 billion investments in Brazil
President Luiz Inácio Lula da Silva met with representatives of two multinational car manufacturers in Brasília on Wednesday (Jan. 24) to discuss significant investments in Brazil's automotive sector.
The first meeting, held at the Alvorada presidential palace, saw President Lula welcome representatives from the Chinese company BYD, known for its production of electric cars. BYD recently acquired Ford's industrial plant in Camaçari, Bahia state, where it plans to invest BRL 3 billion. This move marks BYD's entry into the Americas. The Chinese company presented President Lula with an electric car for use by the Brazilian Presidency, on a loan basis at no charge.
"It is estimated that more than 10,000 jobs will be created, and BRL 3 billion will be invested, boosting the local economy and contributing to greater production of sustainable vehicles using clean energy. Brazil's commitment to building a sustainable future," posted Lula on his social media.
Subsequently, at the Planalto presidential palace, President Lula met with Shilpan Amin, head of General Motors International, and Santiago Chamorro, head of GM South America. The executives unveiled GM's investment plan for Brazil, totaling BRL 7 billion by 2028. GM owns the Chevrolet brand in Brazil.
"These investments come at a crucial time, coinciding with Brazil's economic resurgence driven by initiatives like the New PAC (Growth Acceleration Program) and the New Industrial Policy. Reindustrialization and commitment to sustainable development," the president wrote on social media.
