RIO DE JANEIRO, Brazil - PSA Peugeot Citroen said on Wednesday it plans to invest $250 million in Brazil in 2003. Part of the money will be used to launch the new locally manufactured Citroen 3 model.
"We are in a phase of growth in Brazil and, considering the international scenario, the environment here is very promising," said Pierre Michel Fauconnier, director of the company in Brazil.
The firm expects to see sales grow 20 percent in 2003, with the help of new revenue from the C3 starting in June and sales of the current models Peugeot 206 and Xsara Picasso.
The company, after selling 64,000 vehicles in 2002, accounts for 4.5 percent of the local market, Fauconnier said.