(MENAFN) The US automaker, General Motors (GM), said it will invest USD740 million in Argentina through 2016 on its first South American plant turning out aluminum motors, The Peninsula Qatar reported.
The announcement comes as the Argentine auto industry saw a more than 20 percent drop in production in the first quarter compared to the record performance in the same period a year earlier.
According to the office of President Cristina Kirchner, the new unit will be installed in the GM complex in Rosario, an agro-industrial port city some 300km northwest of the capital.
The automaker said that production at the new factory is to start in 2017 and aims to reach 140,000 motors a year.
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