Chinese group Zhejiang Geely Holding is due soon to announce construction of its first factory in Brazil, which will likely be located in the state of Santa Catarina near the port of Imbituba, Brazilian magazine Veja reported.
The magazine also said that officials from the group, which already has a car assembly plant in Uruguay, have travelled to Brazil on two occasions this year, the last of which was in August when they met with state governor Raimundo Colombo.
According to the communication department of the state government, Zhejiang Geely Holding plans to invest 650 million reals (US$311 million) in building a factory, which will be able to produce up to 100,000 vehicles per year.
The group plans to launch production of two or three models at the Brazilian factory in 2015. The models are expected to cost between US$10,000 and US$11,000 each.
According to Veja, group officials are due to visit Brazil in December when the location of the factory will be announced. (macauhub)