Volkswagen to add $1.8 billion to Brazil investment plan -local media By Reuters

© Reuters. Volkswagen’s factory is seen in Sao Bernardo do Campo, Sao Paulo state, Brazil June 28, 2023. REUTERS/Leonardo Benassatto/File Photo

SAO PAULO (Reuters) -Volkswagen will announce on Friday additional 9 billion reais ($1.83 billion) in investments in Brazil, Folha de Sao Paulo newspaper reported on Thursday, citing the carmaker’s president for South America.

The new investments should take Volkswagen (ETR:) 2022-2028 investment plan in the country up to 16 billion reais, Folha added, helping it produce its first Brazil-made hybrid vehicles.

Volkswagen is expected to announce the new investments on Friday in an event at one of its factories with Brazil’s President Luiz Inacio Lula da Silva in Sao Paulo state.

The company did not immediately respond to request for comments sent by Reuters outside usual business hours.

($1 = 4.9163 reais)

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