Fiat Chrysler Automobiles will spend $4 billion on a bid to win back lost market share in Brazil, including the introduction of new models and expanded production at two factories there, FCA CEO Mike Manley said.
The plan, centered on the Fiat side of the business, comes as FCA spends $4.5 billion to reassert the Chrysler side of the business in the U.S. with manufacturing expansions and improvements for Jeep and Ram light trucks.
FCA increased its investment plan for Latin America by about $500 million through 2024, though it extended the time frame of outlays announced in June by a year.
The spending will go toward increasing annual capacity at a Jeep plant in Pernambuco to 350,000 vehicles from 250,000 and building a plant to produce more efficient turbo engines, Manley said last week.
The company plans 15 new, freshened or special series models for Fiat, and 10 for Jeep and Ram by 2024.