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European Carmakers Look to Brazil for Growth
Automakers frustrated by slumping sales in Europe and cooling expansion in China are counting on future demand in Brazil to spur growth.
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Automakers frustrated by slumping sales in Europe and cooling expansion in China are counting on future demand in Brazil to spur growth.
BMW confirms it will invest more than €200 million to erect a new assembly plant in Brazil's southern state of Santa Catarina. The company expects to employ 1,000 people at the facility, which is set to open in 2014 with capacity to make 30,000 vehicles.
Volkswagen AG, which calls Brazil "a cornerstone" in drive to become the world's largest carmaker by 2016, is spending €3.4 billion to expand its lineup and capacity there.
At the Sao Paulo auto show on Monday, Volkswagen debuted concept versions of the next-generation Gol hatchback and new Taigun crossover.
Asian and North American automakers made similar announcements, unveiling an array of new models, a number of them designed specifically for the local market.
General Motors gave show-goers the first look at the Chevrolet Onix developed by its Brazilian unit. The company expects the subcompact, which is due 2014, to account for nearly one-third of its sales volume in the country.
Honda says it will introduce its Acura luxury brand in Brazil in 2015. The company also showed off the Honda Fit Twist, a variant of the Fit compact designed for local consumers. Honda expects to debut a new lineup of flex fuel vehicles which are big sellers in Brazil including versions of the Civic compact car and CR-V crossover vehicle.
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