SAO PAULO -- Renault will invest 2 billion reais ($377.12 million) in Brazil for the production of a new SUV and a new 1.0-liter turbocharged engine, according to a company statement.
Production of the new car had been announced in March, but the group was awaiting approval from its parent company for the new investment plan.
“Latin America is of great importance to the Renault Group and we are investing to offer products in the countries of the continent in line with our global strategy,” said Jose Vicente de los Mozos, an executive vice president at Renault.