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Written by Bernardo Karam
BRASILIA (Reuters) – Carmaker Stellantis said on Wednesday it will invest 30 billion reais ($6.07 billion) in Brazil between 2025 and 2030, launch more than 40 new cars in the country and launch the Hybrid Flex announced that it aims to introduce cars.
The investment was announced shortly after a meeting between company executives and President Luiz Inacio Lula da Silva, and comes as the government seeks to revitalize the country’s industry.
Other automakers, including GM, Volkswagen, Hyundai and Toyota, had already announced investments in the country.
Stellantis’ plans for Latin America’s largest economy include adding electrification technology to its flex-fuel models, which run on both gasoline and ethanol, CEO Carlos Tavares said. ) said at a press conference.
The company’s next launch, scheduled for the second half of this year, will be a hybrid vehicle, he said.
Stellantis, which owns brands such as Fiat, Peugeot and Citroën, also said it had plans to produce electric cars in the country, but declined to say when.
Tavares said the investment plan follows Brazil’s Mover Vehicle Program rules, which give tax breaks to automakers that invest in sustainability and create new obligations to reduce the industry’s environmental impact. .
“This is a practical and smart program,” he said. “Alignment of interests between the Brazilian government and our company is essential.”
Stellantis, which owns three factories in the country, announced last month that it would acquire a controlling interest in Brazilian automotive services company DPaschoal.
According to the Brazilian government, automakers that have recently expanded into Brazil, including Chinese companies BYD and GWM, have already announced investments totaling 65.3 billion reais in the country over the next few years.
(1 dollar = 4.9386 reais)
(1 dollar = 0.9177 euro)
(Reporting by Bernardo Karam; Writing by Peter Frontini and Andre Romani; Editing by Franklin Paul and Stephen Grattan)
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