World Business

GM Brazil announces new investment of $386m

(Agencies)
Updated: 2010-06-01 17:16

RIO DE JANEIRO: The Brazilian subsidiary of General Motors Co plans to spend $386 million to develop and produce a new model of Chevrolet.

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A company statement issued Monday does not give details on the new model to be built at the GM assembly plant in Sao Caetano do Sul.

The announcement comes two months after GM announced its Brazil operation would invest $780 million to increase output and produce two other new models.

GM says it sold more than 595,000 vehicles in Brazil last year, giving it a 19 percent market share. Brazil's auto industry is dominated by Fiat SpA, Volkswagen AG, GM and Ford Motor Co.