U.S. automaker General Motors plans to invest 6.5 billion reais (nearly $3 billion) in Brazil over the next five years, CEO Mary Barra said.
She said after meeting with Brazilian President Dilma Rousseff that GM has a nearly 90-year track record in Brazil and plans to be in the country for the long haul.
General Motors has been operating in Brazil since 1926 and currently has three factories in the South American country - in the cities of São Caetano do Sul, São Jose dos Campos and Gravatai.
It also has two auto-parts plants and a technology center that is tasked with designing new Chevrolet models.
The five-year investment outlay will go toward developing new products, as well as acquiring new technologies and making other upgrades at its factories.
Brazil is GM’s third-biggest market worldwide, according to the company’s figures, with sales in that South American country totaling 649,849 units in 2013.