- Title: GM-EMERGING/BRAZIL General Motors to double Brazil investment through 2019
- Date: 28th July 2015
- Summary: SAO PAULO, BRAZIL (JULY 28, 2015) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** CLOSE-UP OF SIGN ABOVE GATE AT ENTRANCE TO GENERAL MOTORS FACTORY GATE AT ENTRANCE TO GENERAL MOTORS FACTORY EXTERIOR OF FACTORY BALLOON ABOVE FACTORY WITH LETTERS: "GM" SPEAKERS SITTING FOR GENERAL MOTORS NEWS CONFERENCE AUDIENCE NAMETAG OF GM PRESIDENT, DAN AMMANN / AMMANN SMILING AMMANN SPEAKING (SOUNDBITE) (English) GM PRESIDENT, DAN AMMANN, SAYING: "We believe that a significant majority of global growth in the automotive industry over the next decade or more will happen outside the mature markets and in the growth markets, of which Brazil is obviously a key one. Therefore, we want to make sure that we make a significant investment so that we are in a position to win in a number of these markets." CONFERENCE IN PROGRESS CHEVROLET LOGO ON BACKDROP (SOUNDBITE) (English) GM PRESIDENT, DAN AMMANN, SAYING: "And what we decided we needed to do was to really take full advantage of our global scale as a ten million unit a year car company, to take full advantage of our global scale across the world to develop a new family of vehicles that could support the technology and demands of customers in the growth markets but also have the flexibility so that we can tailor individual vehicle entries for customers in individual markets. So this is not the approach of having one car that fits the whole world but this is an approach of having a vehicle family that gives us the flexibility to meet the needs of our customers on a global basis in these markets." GM PRESIDENT FOR SOUTH AMERICA, JAIME ARDILA SPEAKING AND LAUGHING ARDILA'S NAMETAG / ARDILA SPEAKING ARDILA SPEAKING (SOUNDBITE) (English) GM PRESIDENT FOR SOUTH AMERICA, JAIME ARDILA, SAYING: "We do understand that the economy is going through some rough patch, we are not blind to that because I know that that question will come. We do know that we are facing some certain political and economical difficulties. We are quite convinced that Brazil has significant long term potential because of the function of its institutions, because of the economic potential, because of the resources it has, because of its demographic and because of this incredible customer base that it has which is so passionate about cars." CONFERENCE ENDING
- Embargoed: 12th August 2015 13:00
- Keywords:
- Location: Brazil
- Country: Brazil
- Topics: General
- Reuters ID: LVA8QERBAY5F1R2DIYM1JSZXFLHX
- Aspect Ratio: 16:9
- Story Text: General Motors Co plans to double its investment in Brazil to 13 billion reais (3.8 billion U.S. billion dollars) through 2019 and introduce a new family of vehicles into the country, the U.S. carmaker's executives said on Tuesday (July 28).
Speaking at a press conference in Sao Paulo, GM President Dan Amman said that Brazil is a key growth market for the company.
"We believe that a significant majority of global growth in the automotive industry over the next decade or more will happen outside the mature markets and in the growth markets, of which Brazil is obviously a key one. Therefore, we want to make sure that we make a significant investment so that we are in a position to win in a number of these markets," said Amman.
Amman stressed the focus on flexibility, tailoring the vehicles produced to specific country demands.
"And what we decided we needed to do was to really take full advantage of our global scale as a ten million unit a year car company, to take full advantage of our global scale across the world to develop a new family of vehicles that could support the technology and demands of customers in the growth markets but also have the flexibility so that we can tailor individual vehicle entries for customers in individual markets. So this is not the approach of having one car that fits the whole world but this is an approach of having a vehicle family that gives us the flexibility to meet the needs of our customers on a global basis in these markets," said Amman.
Jaime Ardila, the head of GM in South America, said the company's investment in Brazil would be aimed at developing new technologies and products, not in increasing capacity.
He also preempted questions regarding the economic downturn in Brazil, stating that the company still sees significant opportunity in the market.
Brazil's economy is expected to contract 1.7 percent this year, unemployment is rising and inflation is stubbornly high, painting the picture of the worst downturn in 25 years.
"We do understand that the economy is going through some rough patch, we are not blind to that because I know that that question will come. We do know that we are facing some certain political and economical difficulties. We are quite convinced that Brazil has significant long term potential because of the function of its institutions, because of the economic potential, because of the resources it has, because of its demographic and because of this incredible customer base that it has which is so passionate about cars," said Ardila.
Earlier on Tuesday, GM also announced it will invest $5 billion over the next several years to develop with its Chinese partner a new family of Chevrolet vehicles aimed at fast-growing emerging markets. - Copyright Holder: REUTERS
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