Renault SA said that it will invest $377.12 million in Brazil for the production of a new SUV, and a new 1.0 turbo engine, according to a statement by the company, which was released this Thursday.
The production of the new car was announced later this year, but the group was waiting for approval from its parent company for the new investment plan.
The company announced in March 2021 that the company said it would make five product launches by mid-2022, including two electronic vehicles in Brazil.
Executive vice president at Result Group Jose Vicente de Los Mozos said, “Latin America is of great importance to the Renault Group and we are investing to offer products in the countries of the continent in line with our global strategy,”
The French Carmaker said that the investment is part of the company’s strategic plan in Brazil. Renault has operated in Brazil for over 23 years.
The company further added that the investment will be for production at the company's Sao Jose dos Pinhais factory, located in Brazil's southern state of Parana, which will get a new Common Module Family-B platform allowing a "potential electrification" in the future.
Renault Latin America president Luiz Fernando Petrucci said that “This is an important phase for Renault in Latin America, as we are preparing to launch new products and engines for our customers with the best Renault Group technology in the world”.