By Bernardo Caram
BRASILIA (Reuters) – Carmaker Stellantis will invest 30 billion reais ($6.07 billion) in Brazil between 2025 and 2030, it said on Wednesday, aiming to launch new products and introduce hybrid-flex vehicles in the country.
The investment, announced shortly after a meeting between company executives and President Luiz Inacio Lula da Silva, comes as the government tries to reignite the country’s industry.
Other automakers, such as GM, Volkswagen, Hyundai, and Toyota had already announced investments in the country.
Among Stellantis’ plans for Latin America’s largest economy is adding electrification technology to its flex-fuel models, which run both on gasoline and ethanol, Chief Executive Carlos Tavares said in a press conference.
The company’s next launch is scheduled for the second half of the year and will be a hybrid vehicle, he said.
($1 = 4.9386 reais)
(Reporting by Bernardo Caram; Writing by Peter Frontini, Editing by Franklin Paul)