By IANS/EFE,
Rio de Janeiro : French automaker PSA Peugeot Citroen has announced plans to invest 1.4 billion reais ($780 million) through 2012 to develop new vehicles in Brazil.
The funds will go toward developing new vehicles and engines in Brazil and increasing output capacity at the company’s plant in Porto Real in Rio de Janeiro, Philippe Varin, CEO of the automobile company, said here Thursday.
“Latin America and Brazil in particular are essential to our goal of becoming an increasingly global group, and so in planning our future in the continent, we’ve set aside funds to implement a solid product plan for our brands in Brazil,” he said.
The company’s goals this year include launching a version of the Hoggar two-seater, off-road vehicle and a new Citroen model, both developed in Brazil to meet the needs of the local market.
PSA Peugeot Citroen, which began operating in Brazil in 2001, is the country’s fifth-largest automaker. It has a roughly five percent market share in the country. The company’s Brazilian plant has already manufactured close to 700,000 vehicles and sold 151,200 automobiles last year.