Stellantis N.V. STLA, the multinational automaker, is reportedly gearing up to unveil a major investment plan worth 2.5 billion reais ($508.20 million) for its Rio de Janeiro facility.
The announcement happened at an event at the Guanabara Palace, the Rio state government's headquarters, and the funds are part of an investment cycle that ends in 2025, according to a news report by Reuters, citing sources from the Brazilian city's government.
The company will manufacture the model C3 AirCross, a seven-seat SUV, at the plant, according to the report.
The C3 AirCross marks the second release within the ongoing investment phase, Reuters notes.
The compact C3, which debuted in 2021, was the first. This cycle is also anticipated to feature an additional vehicle model.
Stellantis has been making headlines recently with significant moves in the automotive industry.
The company inaugurated its first Battery Technology Center at the Mirafiori complex in Turin, Italy. The €40 million investment is expected to boost Stellantis' capabilities to design, develop and test battery packs, modules, high-voltage cells and software that will power upcoming Stellantis brand vehicles.
In a related development, the company has proposed a new contract that might lead to shutting 18 U.S. facilities. This move underscores the company's strategic shifts and the broader challenges automakers face globally.
Read More: Stellantis' Electrifying Leap: Opens Its First Battery Technology Center In Italy
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