Brazil’s automotive industry is set to invest a substantial amount of 100 billion reais, equivalent to about $20.4 billion, in the country by 2029. This investment will primarily focus on transitioning to hybrid and electric models, as announced by Brazil’s Vice President Geraldo Alckmin. The announcement came after a meeting with leaders of the National Association of Motor Vehicle Manufacturers (Anfavea).
This amount is more than double the figures previously announced by the government and reflects the growing commitment of major automakers to invest in Brazil. Companies such as Volkswagen, General Motors, BYD, Stellar, Great Wall Motors, Stellantis group, Chery, and Nissan have already announced significant investments in the country.
According to the Vice President, these investments will enable the construction of at least four new factories in Brazil, including the first two electric car factories in the country. He emphasized that the automotive sector has the advantage of stimulating a diverse production chain, generating employment and adding value to the economy through the production of various products such as steel, glass, tires and spare parts.
In other news related to this topic, it was reported that Anfavea has been working closely with governments around the world to develop policies that encourage investment in electric vehicles (EVs). In addition, they have been advocating for increased funding for research and development into EV technology and infrastructure.