RIO DE JANEIRO (Reuters) -Stellantis will invest up to 2.5 billion reais ($508 million) in its plant in Rio de Janeiro state, its CEO for South America, Antonio Filosa, said on Friday.
The announcement happened at an event at the Guanabara Palace, the Rio state government's headquarters, and the funds are part of an investment cycle that ends in 2025.
"We want to provide investments of 2.5 billion reais by 2025," said Filosa, adding that the model C3 AirCross, a seven-seat SUV, will be manufactured at the plant.
The vehicle is the second announced within the current investment cycle, which should also include one more model, according to the executive. The first was the compact C3, launched in 2021.
According to Stellantis (NYSE:STLA), the funds are earmarked for the development of new products, research and development and upgrading the plant's facilities, systems and equipment.
Of the total, 330 million reais have been invested in developing a modified version of its CMP car platform for producing models from several of the group's brands, compatible with combustion, hybrid and electric engines.
Stellantis, which owns brands such as Fiat, Peugeot (OTC:PUGOY) and Jeep, has two other factories in Brazil and two more in South America.
($1 = 4.9172 reais)