German truck and auto maker Daimler AG said it will invest about 1 billion Brazilian real ($457 million) in its two truck production plants in Brazil in the next two years.
“The financing will be placed mainly in research and development of new products and innovative technologies, as well as in process optimizations and modernization of the two production plants,” Daimler said in an Oct. 28 statement.
Stefan Buchner, head of Mercedes-Benz Trucks Europe and Latin America, announced the investment Oct. 27 in São Paulo, Brazil.
“Today, Brazil is the most important sales market for our trucks with the star worldwide,” he said, according to Daimler’s statement. “We have faith in the further growth potential of this important market. Therefore, we will continue to invest in new products and state-of-the-art production facilities here.”