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Business Briefing / Autos

GM to develop 2 cars in Brazil

July 16, 2009|TIMES WIRE REPORTS

General Motors Co. will invest $1 billion to develop two car models in Brazil, the company said.

The bulk of the investment will go for production of small and mid-size cars at the Gravatai plant in southern Brazil, said Jaime Ardila, president of GM's operations in Brazil and other Mercosur trade bloc nations.

The GM Brazil unit is financially independent from that in the U.S., Ardila said. Fifty percent of the investment will come from GM Brazil; the rest will be financed by state-run banks.

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