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PSA Peugeot Citroen to make investment in Brazil

Date added: 26th March, 2010 at 09:35
(view all articles from March, 2010)

Categories: Economy

PSA Peugeot Citroen has announced it is to make an investment in Brazil worth a total of £474 million.

The carmaker is planning to increase production at its Porto Real plant, which currently manufactures vehicles such as the Xsara Picasso and the Peugeot 207.

PSA Peugeot Citroen stated that the investment in Brazil, which will be made over the next two years, will also be used to develop new engines and vehicles.

Chairman of the PSA Peugeot Citroen managing board Philippe Varin said making the investment in Brazil could help the company in its aim to become a global brand.

"By deploying a solid product plan for its brands, PSA Peugeot Citroen has laid the groundwork for its future development in this region," he said.

PSA Peugeot Citroen has had a manufacturing base in the Latin American country since 2001.

The carmaker is the latest to make an investment in Brazil, after General Motors recently announced it is to produce two new vehicles at its plant in Sao Paulo.ADNFCR-1477-ID-19690621-ADNFCR

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