Carmaker Renault says it will invest nearly $300 million to expand its plant in southern Brazil and increase its annual output.
The automaker's chief executive Carlos Ghosn says the company will invest 500 million reals ($285 million) to expand its plant in the state of Parana. He says the new investment will increase output by 100,000 vehicles by 2013 when the expanded plant will have annual capacity of 380,000 vehicles.
Ghosn says that the expanded plant is part of Renault SA's strategy to make Brazil the company's largest market after France by 2013.
He says that by that year Renault wants to have global sales of 3 million vehicles, one-fourth of which will be made in Brazil.