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FINANCIAL NEWS
Chinese-Saudi Amsia plans USD457m car hybrid plant in Brazil
30 Jun 2013
(MENAFN) Chinese-Saudi carmaker Amsia Motors plans to set up its first hybrid and electric cars plant in Brazil, Reuters reported.
Amsia has signed a preliminary deal to build a USD457 million factory in the state of Sergipe, northeast of Brazil, where it has seen strong economic growth.
Prince Faisal Al-Saud, Amsia’s main investor, arrived in Brazil recently with Amsia CEO Mustafa Ahmed to confirm the final details of their agreement with the Sergipe government. The plant is expected to be built over the next 14 months.
Brazil is the world’s fourth largest car market and the seventh biggest car manufacturer. Vehicle sales this year is expected to reach 4 million units, according to carmakers association Anfavea.
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