US company General Motors (GM) announced that it will invest more than 1.4 billion USD in Brazil over the next 5 years to develop electric vehicle (EV) production in Latin America's largest economy.
After meeting with Brazilian President Luiz Inacio Lula da Silva in the capital Brasilia, GM's President of International Operations Shilpan Amin stated: "GM's future is all about electric vehicles."
Lula da Silva, meanwhile, welcomed the announcement, as Brazil has been pushing for domestic production of electric vehicles rather than importing them from abroad. EVs and hybrids (which run on both gasoline and electricity) are still rare in Brazil, a major oil producer. However, sales of these vehicles in the South American country increased by 91% in 2023, according to the Brazilian Electric Vehicle Association.
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