GM says to invest $2.8 billion in Brazil over five years -
General Motors Co will invest 6.5 billion reais ($ 2.8 billion) in Brazil over the next five years, Chief Executive Officer Mary Barra said on Thursday, reaffirming the automaker's long-term plans despite a sharp downturn in the local market. Speaking to reporters in Brasilia after meeting President Dilma Rousseff, Barra said capital spending will be focused on new products and technologies, as well as plant maintenance. Brazil's auto industry, which makes up one-fifth of the country's manufacturing output, has slashed production by 16 percent in the first seven months of the year and laid off thousands of workers as the economy stagnates. Detroit-based GM and a metalworkers union outside of Sao Paulo are at loggerheads over plans to place some employees at a local factory on paid leave.