SAO PAULO, Jan 24 (Reuters) -
General Motors is set to invest 7 billion reais ($1.42 billion) in Brazil between this year and 2028, the firm said on Wednesday, in a bid to boost "sustainable mobility."
The sum will fund a "complete renewal" of the automaker's vehicle portfolio in Latin America's largest economy and will help develop technologies and create new businesses, GM said in a statement.
The announcement is a victory for President Luiz Inacio Lula da Silva, who has been focusing efforts on reigniting Brazil's domestic auto industry.
Lula welcomed the news, saying the investment will have a significant impact on development and social inclusion.
GM's bet is part of the first phase of what it called a new investment cycle in Brazil, which aims to "strengthen the company's competitiveness and the sustainability of its operations and products."
($1 = 4.9222 reais) (Reporting by Peter Frontini and Bernardo Caram; Editing by Brendan O'Boyle)
