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Brazil auto industry to invest $11.2 bn by 2012
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IANS/EFE | 03 May, 2010
The Brazilian automotive industry will invest $11.2 billion during the three-year period between 2010 and 2012, an amount that tops the $8.1 billion of the three preceding years, local media said.
The new president of Brazil's National Automotive Vehicles Association, or Anfavea, Cledorvino Bellini, said Saturday in a statement on the Internet portal Valor Online that the amount "means that business owners believe in this country and in its automotive industry".
How the funds will be invested will be decided by each company, since some will give priority to developing new products and others to increasing production, which currently stands at some 4.3 million vehicles.
Bellini said that consumption in developing countries, which is growing at a greater rate than the world average, will allow the Brazilian automotive industry to expand production to penetrate those markets.
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