American automaker General Motors (GM) has announced it will invest more than $1.4 billion in Brazil over the next five years to develop electric vehicle (EV) production in Latin America's largest economy .
Following a meeting with Brazilian President Luiz Inacio Lula da Silva in Brasilia, GM's President of International Operations, Shilpan Amin, stated: "GM's future is entirely electric vehicles."
Meanwhile, Lula da Silva welcomed the announcement, noting that Brazil has always promoted domestic electric vehicle production rather than importing them. EVs and hybrid vehicles (running on both gasoline and electricity) are still rare in Brazil, a major oil-producing country. However, according to the Brazilian Electric Vehicle Association, sales of these vehicles in the South American nation increased by 91% in 2023.
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