An announcement by the Brazilian Development Bank (BNDES), a federal public company that is associated with the country’s Ministry of Development, Industry and Foreign Trade, has revealed that Volkswagen is preparing to invest about $US430m in Brazil.
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According to BNDES has approved a grant of 497.1m Reais (about $US232m) to Volkswagen do Brasil. The funds, representing about 54% of the total investment planned by the automaker, will be used to expand the production of Fox and CrossFox vehicles (the Brazil-made Fox was launched recently in Europe and the UK), to update their designs and to improve the production process at the plants in Anchieta, Taubaté and São Carlos, in São Paulo state.
Volkswagen confirmed the information but would not provide more details.
However, BNDES said the updated model designs would included an exclusive-to-Brazil facelift of the locally-made Golf (the European previous generation ‘Mark 4’ model) and a project to develop a new generation Gol range.
BNDES’s objective is the long term financing of projects that contribute to development in Brazil. The financial support programmes it facilitates are used for the investment needs of companies of any size and sector, established in Brazil.
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By GlobalDataRogério Louro
