General Motors Co said on Tuesday it would invest 10 billion reais ($2.65 billio...
FILE PHOTO: A view of the General Motors plant is seen in Sao Jose dos Campos, Brazil, January 22, 2019. REUTERS/Roosevelt Cassio/File Photo
SAO PAULO - General Motors Co said on Tuesday it would invest 10 billion reais in two of its Brazilian plants in Sao Paulo state over the next five years, reversing what the state’s governor said was a previous plan to shut down the plants, potentially costing 65,000 jobs. Under the new plan, GM will invest in its Sao Caetano do Sul and Sao Jose dos Campos plants, the latter of which had been starved of investments in recent years.
The automaker is the sales leader in Brazil’s market, the largest in South America, but had warned employees that it was dealing with heavy losses, adding that “sacrifices” would be necessary. “When we embarked on this path last December, we had a really serious problem, which was the future of our factories in Sao Paulo,” GM’s CEO for South America, Carlos Zarlenga, told a news conference on Tuesday. He added that he initially doubted there was any way to keep the factories open.While the amount pales compared with GM’s most recent investment plan in Brazil in 2014, which totaled $4 billion, it does not include the automaker’s plants elsewhere in the country.
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