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Volkswagen to invest $577 million in Brazil auto plant.

SAO PAULO (Reuters) - Volkswagen (VOWG_p.DE) will invest 2.4 billion reais ($577 million) in one of its Brazil factories, Sao Paulo state governor Joao Doria said on Thursday during a visit to the automaker’s headquarters in Germany.

Sao Paulo state is the heart of Brazil’s auto industry, although its relevance has been in decline in recent years as other states have offered more generous tax incentives.

Doria’s governorship, however, has been marked by a strong push to attract and retain manufacturing plants in Sao Paulo. Earlier this year, he introduced a tax plan for automakers granting them a 25% reduction in value added taxes as long as they invested at least 1 billion reais and created 400 new jobs.

More: https://www.reuters.com/article/us-volkswagen-brazil-germany/volkswagen-to-invest-577-million-in-brazil-auto-plant-idUSKCN1VJ277




 
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