ARGENTINA: GM to repay half loan early
Mercosur market Agile is based on early 1990s Corsa platform
General Motors has said it was repaying early half of a loan of US$63m from the Argentine government provided when it went into bankruptcy last year.
The announcement came from GM's top executive for Argentina, Uruguay and Paraguay, Sergio Rocha, at a meeting with President Cristina Kirchner.
The loan was made to help the automaker develop the new Chevrolet Agile in the GM plant in Rosario, Argentina. The loan allowed GM to increase jobs at the facility.
In the first quarter of 2010, GM produced 22,796 cars at the plant and the company expects to make around 80,000 this year, AFP reported.