Brazil’s automotive sector to see $20bn investment boost

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The Brazilian automotive industry is poised for a significant boost with $20bn (100bn reais) in investments expected by 2029. This news comes from representatives of the National Association of Automobile Manufacturers (Anfavea) who met with Vice President and Minister of Development Geraldo Alckmin.

Anfavea President Marcio de Lima announced the figure, exceeding the previously announced $83bn investment. “We expect 100 billion reais in investments over the next few years, possibly by 2028 or 2029,” Alckmin stated. This is reported by Toda Palavra, partner of TV BRICS.

This record-breaking investment is expected to translate into at least three or four new manufacturing plants, according to Alckmin. He further highlighted the existing facility for electric bus production and the upcoming construction of two more electric vehicle plants.

Beyond direct investments, Alckmin emphasized the ripple effect on various industries. “The automotive sector stimulates a long chain of products, from steel and glass to tyres and auto parts, creating a significant number of jobs across different sectors,” he explained.

The National Green Mobility and Innovation Programme (Mover) plays a crucial role in attracting these investments. By expanding the national fleet requirements and offering tax incentives for decarbonized vehicles, Mover encourages the shift towards sustainable mobility solutions.

This news signals a positive outlook for Brazil’s automotive industry, promising increased production, job creation, and a push towards cleaner technologies.

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