General Motors announces $1 billion plan to build more vehicles... in Brazil

[Baclava]

General Motors is spending more money where it counts: Latin America.

The Latin American market has been generous to the struggling automaker despite struggles at home. Today, GM announced a $1 billion plan to expand its vehicle lineup in Brazil.

"We believe the Brazilian market will be very strong, will continue to grow at a rate of at least 5 percent a year and we also believe in the prospects for exports of the new models," Jaime Ardila, GM's chief executive for Brazil and the Mercosur region of South America, said in a statement.

Reuters reports that GM will build two new compact models and expand operations at its Gravitai factory in the southern state of Rio Grande do Sul. The two new compacts could also be exported to African countries and other places, boosting GM's presence elsewhere.

The $1 billion investment is part of a larger spending plan across Brazil, Argentina, Uruguay and Paraguay that began in 2007.

http://www.mlive.com/auto/index.ssf/2009/07/general_motors_announces_1_bil.html

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This won't go over well.

[SammyWinstonJack]

1. Unreal.

x(

[gmoney]

2. They're going to sell two Brazilian cars!

That should turn their fortunes around...

[TheMightyFavog]

4. ... Just how many is a Brazilian?

:hide:

[Deja Q]

5. How many are in a brazillion?

:yikes:

[Deja Q]

3. Relatives told me that the President would not allow this sort of behavior.

They've been right pretty much in life (and I made a few mistakes by not listening), but US taxpayer money really should not be going to entities that will not use said money for US interests.

Even though Bush started this mess, those who voted for him may have been right after all when going against the bailouts. If it is "free market", then these companies need to fall. Or is it picking and choosing, like how the media also bandies back and forth calling companies "American" or "multinational" when there's (respectively) bad or good news regarding them.

North America has been very generous to GM as well, with these bailouts.

On the plus side, if I were to start taking guesses at the future, maybe the US will be allowed to forgive a chunk of its debt. We've bailed out big corporations, we've helped other countries in war and peace time... yet many countries are still said to hate us and we still help them. (Which is the Christian thing to do, but even Christians would expect being helped in return.)

[TexasObserver]

6. We should not give a dime to companies moving jobs elsewhere.

[madrchsod]

7. these cars will not come into the us market

if you bought stock in gm when it was worth less than a dollar you`d be happy. general motors is still the worlds first or second largest producer of vehicles in the world. the us car market growth rate will not be 5%. brazil is a better investment than this time.
we would`t be writing about this if the oil speculaters, the mortage grifters,and the wars had`t have taken down the economy