Fiat Group plans to invest 10bn reais (US$6bn) in Brazil by 2015 in operations that include production of cars, car parts and agricultural machinery.
Around 70% of that total will be invested in cars, with the company expecting to unveil 20 new models or upgraded version of current ones in 2011, executives said, adding that further details of the investment will be announced by the end of the year.
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Fiat’s factory in the Brazilian state of Minas Gerais is operating close to its 800,000 units per year capacity thanks to continuing strong domestic demand and the company says that it expects to triple production in the next two years at its Argentina facility to help meet Brazilian demand.
