RIO DE JANEIRO (AP) -- The Brazilian division of French automaker Peugeot Citroen says it will spend $776 million over the next four years to increase production of vehicles and engines.
In a Thursday statement, the company says the spending through 2012 will boost productivity at its Porto Real plant in Rio de Janeiro state. The plan is to raise output to 220,000 vehicle a year from the current 150,000.
Peugeot Citroen CEO Philippe Varin says in the statement that Brazil and the rest of Latin America are seen as a fundamental part of the company's expansion of its global operations.
Peugeot Citroen hired 700 new workers at the Porto Real plant in January so the facility could operate 24 hours a day. The company is Brazil's fifth-largest automaker.