French carmaker Renault SA will invest US $377.12 million (2 billion reais) in Brazil to produce new platform, the CMF-B; a new SUV, and a new 1.0 turbo engine.
The investment will support production at the Renault’s Sao Jose dos Pinhais factory in Brazil's southern state of Parana. A new Common Module Family-B platform for "potential electrification" in the future is planned for the factory, according to a company statement.
“This is an important phase for Renault in Latin America, as we are preparing to launch new products and engines for our customers with the best Renault Group technology in the world”, said Luiz Fernando Pedrucci, president of Renault Latin America.
In March 2021, Renault had announced an investment of 1.1 billion reais in Brazil, with five product launches by mid-2022, including two electric vehicles in the country.
Renault has operated in Brazil for over 23 years, the company said in the statement.