Fiat will invest 1.3 billion reals - over 380 million euros - in Brazil between 2005 and 2007 in order to strengthen its presence on the South American market.
Fiat CEO Sergio Marchionne informed the Governor of the State of Minas Gerais, Aecio Neves, of the decision during a meeting held today at the Fiat headquarters in Turin, which was also attended by Cledorvino Belini, President of Fiat do Brazil, and Wilson Brumer, Secretary of State for the Economic Development of Minas Gerais.
The investments are earmarked for the development of innovative automotive technologies and new vehicles which will be produced at the Fiasa plant in Betim, Minas Gerais.
Sergio Marchionne commented: "For Fiat Auto, Brazil is our second biggest market worldwide, and the State of Minas Gerais has shown itself to be a valued partner throughout the thirty-plus years that we’ve been present in Brazil. Our commitment to the country’s auto industry is rewarded by the gratifying results achieved in the first three months of 2005, when we once again achieved market leadership."Published 12 April 2005