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GM to Make $2.8B Bet on Brazil Over Five Years

The money will be spent on new products and more


General Motors (GM) is investing 6.5 billion reais ($2.8 billion) in Brazil over the next five years.

GMCEO Mary Barra made the announcement on Thursday and told reporters that the investment will go towards new products, technology and maintaining plants. Barra added that the company is committed to Brazil — one of its most important markets.

She met with Brazil president Dilma Rousseff and thanked her for tax incentives for automakers. Barra said the automaker’s plans are unrelated to election results.

Brazil’s automotive industry has cut production by 16% in the first seven months of 2014. Thousands of workers have lost their jobs as a result.

GM stock is down about 0.6% Thursday afternoon.

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