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Daimler set to open assembling plant in Brazil
August 5, 2013, 8:52 am

[Getty Images]

Demand for high-end vehicles is expected to grow in the Latin American economy [Getty Images]

German car maker Daimler plans to build a new plant in Brazil, according to a report by German magazine Der Spiegel.

An assembling plant for Mercedes Benz is set to start operations in 2015 in Brazil.

Declining car sales in Europe have sent more luxury car-makers to emerging markets like Brazil.

In October last year, BMW announced an investment of $261 million in a Brazilian factory to boost sales in the world’s fourth-biggest car market.

Demand for high-end vehicles is expected to grow in the Latin American economy as it prepares to host the World Cup in 2014 and the Olympic Games in 2016.

Last year, the Brazilian government announced tax breaks for carmakers to increase investment in the country.

Finance Minister Guido Mantega had also said last year that auto makers are planning to invest $22 billion in Brazil over the next three years.

Daimler AG develops, manufactures, distributes, and sells a wide range of automotive products, mainly passenger cars, trucks, vans and buses.

Source: Agencies

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