BRASILIA, Brazil (AP) -- Ford Motor Co. said Thursday it plans to invest $200 million in Brazil over the next five years to develop a new Ford EcoSport small SUV for the global market.
Ford President and CEO Alan Mulally announced the investment during a meeting with Brazilian President Luiz Inacio Lula da Silva. The additional investment means Ford's operations in Brazil will get a total of $2.4 billion between 2011 and 2015, Mulally said.
The EcoSport is already a top-selling vehicle in Brazil. The new EcoSport will be developed in Brazil off of a small vehicle platform engineered in Europe. It will mark the first time a Brazilian engineered vehicle will be produced in other countries worldwide.
Earlier Thursday, Ford announced a separate $250 million investment to develop and produce a new vehicle in Argentina over the next two years. Ford, based in Dearborn, Mich., said the investment also will fund upgrades and improvements at its plant in Argentina, which will manufacture the new vehicle for Ford's Latin America markets.
Ford shares rose 5 cents to close at $12.63 Thursday.