FRANKFURT, Oct 28 (Reuters) - German automotive group Daimler will invest around 1 billion real ($458 million) in its two Brazilian commercial vehicle plants between 2014 and 2015, the company said on Monday.
“The financing will be placed mainly in research and development of new products and innovative technologies, as well as in process optimisations and modernization of the two production plants Sao Bernardo do Campo (Federal State Sao Paulo) and Juiz de Fora (Federal State Minas Gerais),” it said in a statement.
Since 2010, Daimler has so far already invested around 1.5 billion real in the production of trucks, buses and components at the Brazilian locations.
Daimler’s luxury car business Mercedes-Benz recently announced it would invest initially around 170 million euros to build a new factory near Sao Paulo that would manufacture the C-Class mid-size and the GLA compact crossover for the local market. ($1 = 2.1835 Brazilian reals) (Reporting by Christiaan Hetzner)