US-based automotive giant General Motors (GM) has announced plans to invest BRL7bn ($1.42bn) in Brazil between 2024 and 2028 to step up its production of electric vehicles (EVs).

This includes renewing GM’s vehicle portfolio, as well as developing new technologies for the local market and creating new businesses in the country. In addition, the technology used at GM’s factories in Brazil will receive an upgrade to keep up with competition from other car manufacturers on the market.

The announcement came during a ceremony held in Brasilia, the country’s capital, in the presence of Brazil’s President Luiz Inacio Lula da Silva. Shilpan Amin, president of General Motors International; Santiago Chamorro, head of GM South America; and Fabio Rua, vice-president of GM South America, also participated in the event, marking the first phase of GM’s new investment cycle in the country.

“Brazil is strategic for GM’s global business expansion plan,” Amin said. “In addition to being a vehicle export hub for South America, it has a large engineering development centre and is a market with high growth potential with a vocation for new technology vehicles, in line with the predominantly clean energy matrix of the country.”

News about the latest investment round comes one day after GM’s subsidiary in Saudi Arabia launched OnStar Connected Services, a technology platform with in-vehicle subscription-based services for drivers.

In the EV sphere, the automotive giant last year partnered with Samsung SDI, a South Korean battery and electronic manufacturing company and subsidiary of Samsung Group.

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By GlobalData

The partnership involves building a $3bn EV plant in the US, which is expected to begin operations in 2026.

Speaking about the new investment plans in Brazil, Chamorro added: “This will be a period of greatest transformation for GM in Brazil. Changes are necessary due to the current demands of society and consumers. We are working together with our employees, dealers, suppliers and other business partners to lead this movement.”