General Motors has remained bullish on the Brazilian market, even after slumping automotive sales and a teetering economy. The Motor & Equipment Manufacturing Association has reported GM’s plans to invest heavily in the country will likely pay off as it sees Brazil’s automotive economy rapidly picking up next year.
GM announced it would invest $2.8 billion in the Brazilian market as part of its emerging market strategy, but began to second guess the plans after turbulence in politics and a recession in the economy began to settle in. Vehicle sales will top an estimated 2.1 million units, but General Motors of Brazil’s President, Carlos Zarlenga, expects that figure to reach 2.4 million in 2017.
Currently, GM operates six plants in Brazil. Three assemble vehicles and three manufacture automotive parts locally. All six employ 16,000 Brazilian people.