Stellantis to invest $385 mln in Argentine plant
Adds more details of the announcement in paragraphs 2-4, context of Stellantis investment plan in South America in paragraph 2 and background of hybrid-flex cars in Brazil in paragraphs 4-6
SAO PAULO, Sept 5 (Reuters) -Automaker Stellantis STLAM.MI will invest $385 million in its plant in the province of Cordoba, Argentina, between 2025 and 2030, the firm's South America head Emanuele Cappellano said on Thursday.
The amount, part of the 5.6 billion euros ($6.22 billion) the automaker plans to invest in South America in the period, will be used to build a new lineof vehicles and a new engine, he said, without giving further details.
At an online press conference to disclose news on the automaker's operations in South America, Cappellano also gave updates on Stellantis' firsthybrid-flex vehicles, to be launched in Brazil, where the remaining resources of its South America plan will go to.
He said the company expects to launch this year the two vehicles, which can run on 100% ethanol or gasoline alongside batteries.
On Wednesday, rival General Motors GM.N also unveiledit would begin producing its first-ever hybrid-flex in Brazil.
The Latin American nation has been seeing a growing interest of global automakers in producing hybrid-flex cars in the country, where most cars can run on 100% biofuel made from sugarcane or corn due to the strength of its large ethanol industry.
($1 = 0.9006 euros)
Reporting by Alberto Alerigi Jr.; Writing by Andre Romani; Editing by Brendan O'Boyle
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