Brazilian vice-president Geraldo Alckmin and Feng Xingya, chairman of GAC Group, held intensive discussions on deepening cooperation and boosting the Chinese automaker´s presence in the Brazilian market.
At the meeting, which took place during Alckmin’s official visit to China, Feng Xingya announced that GAC Group will invest USD 1 billion in Brazil over the next five years.
“Over the next five years, GAC, together with its supply chain, plans to invest one billion dollars in Brazil, including plans to establish factories, a research and development center and warehouses for spare parts,” said Feng.
Exports of Electric and Hybrid Cars from China to Brazil Soars 13-fold
The company is the first Chinese manufacturer with a complete research and development (R&D) and production line, producing gasoline cars, electric cars, full hybrids and plug-in hybrids.
Feng also stated that the company is committed to the Brazilian market and explained GAC Group’s strategy in Brazil and the contribution it can make to the Brazilian market, especially in the areas of value chain technology and R&D.
Last year, GAC was the fifth largest car manufacturer in China, producing and selling 2.52 million cars. With more than 110,000 employees, GAC had revenues of USD 70 billion, of which 6.47% was invested in R&D in 2023, and aims to achieve total production and sales of more than 4.75 million vehicles and revenues of 1 trillion yuan (equivalent to USD 137 billion) by 2030.
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