GAC Group, a leading Chinese automotive manufacturer, is making a significant entry into Brazil with a $1 billion investment plan. This move was announced during Brazilian Vice President Geraldo Alckmin's official visit to China, where he met with GAC President Feng Xingya in Beijing. During their meeting, Alckmin and Xingya discussed expanding economic and trade cooperation, focusing on GAC's strategic growth in Brazil. In 2023, the company generated $70 billion in revenue, investing 6.47% in R&D. With plans to produce and sell over 4.75 million vehicles and achieve $137 billion in revenue by 2030, GAC's entry into Brazil is a major step towards its ambitious global expansion goals.

Source: New York Times June 24, 2024 17:40 UTC