General Motors Co said on Saturday it is negotiating “feasibility conditions” to invest 10 billion reais ($2.73 billion) in Brazil from 2020 to 2024, after having warned last month that new investments would depend on returning to profit. The automaker also said it is completing an investment plan of 13 billion reais between 2014 and 2019.
“As market leaders, we are taking on the responsibility of facing the challenges of competitiveness that the industry.
Valor reported that GM would invest in its product line until 2022, and then the following year, the company would start to enjoy tax rebates. Valor, which also reported that GM’s losses in Brazil last year totaled 1 billion reais despite being the country’s market leader, did not specify the exact amount GM would expect to generate in tax incentives.