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Volvo to invest $283 million in Brazil by 2025 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Volvo FH16 trucks are surrounded by visitors at the Volvo booth at IAA’s truck show in Hanover (September 22, 2016). REUTERS/Fabian Bimmer/File photo

SAO PAULO (Reuters – Volvo Brazil’s unit said Wednesday that 1.5 billion reais ($283.36M) will be invested in the country. It announced this after securing record sales of trucks last year.

According to the Swedish company, this money will be used primarily for research and development of new products and services.

Volvo’s sales in Brazil increased by 45.7% to 21,800 vehicles in 2021. Brazilian trucks saw a 43.5% increase in sales to 128,700 units.

Wilson Lirmann (President for Latin America), stated, “Brazil retained its position as Volvo’s second-largest truck market worldwide, even in a period of constraints due to the pandemic or supply chain constraints.”

Lirmann stated that the company’s 2022 forecast is positive, but “but there are challenges in the production chains, both in terms of capacity and cost rises, which will need attention throughout the year.”

($1 = 5.2936 reais)

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