Advertisement

GM, suppliers to invest $500 mln in Argentina to produce new model

GM, suppliers to invest $500 mln in Argentina to produce new model
From Reuters - October 12, 2017

BUENOS AIRES (Reuters) - General Motors Co (GM.N) and its suppliers will invest a total of $500 million in Argentina operations through 2019 to prepare to produce a new Chevrolet model in 2020, the company said in a statement on Thursday.

The company will invest $300 million while its supplier network will invest $200 million at the Alvear plant in Argentinas Santa Fe province. The company invested $740 million in the plant between 2014 and 2016.

The investment announcement comes as automobile production in Latin Americas No. 3 economy begins to rebound, following a sharp decline amid recessions last year in Argentina and neighboring Brazil, a major export destination.

Advertisement

Continue reading at Reuters »