Stellantis has unveiled a R$30bn (US$6.1bn) programme to upgrade production in Brazil, taking a wave of investment pledges by global carmakers in Latin America’s largest economy this year to $14bn.
The owner of the Fiat, Peugeot and Jeep brands on Wednesday said its capital expenditure commitment for the five years to 2030 was a record by any carmaker for the South American automotive industry.
Stellantis’ updated strategy will focus on adding an electric component to so-called ‘flex-fuel’ vehicles, which can run on petrol or ethanol and are common in Brazil. Its first flex-hybrid offering will be launched later this year under a drive to release 40 new models by the end of the decade.
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