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Brazil
09.02.24 10:30
Economics

Brazilian authorities to invest US$20 billion in the automotive sector by 2029

Several new plants will be built due to the investments

The Brazilian automotive sector is expected to receive investments of about 100 billion reais (US$20 billion) in the coming years. This figure was announced by representatives of the National Association of Automobile Manufacturers (Anfavea) to the Vice President and Minister of Development, Industry, Trade and Services Geraldo Alckmin.

In addition, a meeting was held by Anfavea President Marcio de Lima. During the event, the head of the company said that the total investment in the Brazilian automotive industry will be higher than the $41.2 billion (US$83 billion) announced the previous week.

"An investment of 100 billion reais is expected in the next few years, possibly until 2028 or 2029," Alckmin said.

He estimated that these investments will be record-breaking and will allow the construction of at least three or four plants.

"We already have a facility for the production of electric buses, and two more plants for the production of electric vehicles are coming soon," he added.

The minister recalled that the automotive sector stimulates a long chain of products that favours all industries from steel and glass to tyres and auto parts, "creating a lot of jobs".

Alckmin said this investment was made possible by the National Green Mobility and Innovation Programme (Mover). It expanded the national fleet requirements to enable decarbonisation of vehicles with tax incentives. This is reported by Toda Palavra, partner of TV BRICS.

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