Fiat to invest $1.74B to build new Brazilian plant
Fiat has enjoyed great success in Brazil in recent years, and now the automaker has announced plans for a new plant that will cost $1.74 billion to construct.
Fiat can already tout the title of being the sales leader in the Brazilian auto market nine years straight, but now the automaker will construct an all-new plant at the cost of $1.74 billion as part of a larger $5.9 billion effort to take place between 2011 and 2014 in Brazil.
This new plant will be constructed in the vital Port and Industrial District located in Suape, in the state of Pernambuco. The automaker says that the construction of this plant will play a crucial role in part of its larger comprehensive program of industrialization, as well as economic and social development in the region.
Fiat says the plant will serve many roles in addition to constructing new vehicles, including research and development, style and design, the development of new platforms and products, as well training for new employees.
Fiat's plant will offer production capability of as many as 200,000 vehicles annually - some of which will be newly developed specifically for the Brazilian market (in addition to other Latin American markets). The plant will be located within a larger 4.4 million square meter industrial zone that Fiat says will employ as many as 3,500 workers.