German automaker BMW plans to build its first Latin American plant in Brazil, investing $264 million in the project, BMW Group sales and marketing chief Ian Robertson said.
Robertson revealed the extent of the company's investment in Brazil following a meeting with Brazilian President Dilma Rousseff.
The president offered her "absolute support" for the project, the BMW executive told reporters.
Construction of the plant will start in April 2013, with the manufacturing facility expected to be at full production in 2014, when the German automaker's first 30,000 vehicles produced in Brazil are expected to roll off the assembly line.
The plant will be constructed in the city of Araquari, where BMW will undertake "the complete assembly" of automobiles, Robertson said.
The plant will initially produce only the BMW X1, but production will be adjusted later to meet domestic demand, Robertson said, adding that "production will follow sales." EFE