Explosive growth in General Motors Corp.'s Latin America, Africa and Middle East division is driving the automaker to dedicate more spending and responsibility to those regions, said the division's group vice president Tuesday. "These are growing markets and we must take advantage of the opportunity that exists," said Maureen Kempston Darkes during her visit to Detroit. "Critical for our success is to stretch the manufacturing capacity."
In response to the growth, GM announced last month that it plans to spend $500 million in Brazil to develop small cars for that country and others, including Argentina and Paraguay, and to expand the region's product development center. The center is scheduled to take on more responsibility for the development of GM's small cars, supporting its GM Daewoo operations in Korea.
GM do Brasil is hiring 600 engineers for the expansion, Kempston Darkes said. Kempston Darkes said Tuesday that the division is also developing opportunities for midsize trucks in the division and investing in Columbia and Venezuela, she said.
GM's strategy is to establish itself in emerging markets so it is poised to grow with those economies' growth. The automaker, which is working its way through a financial restructuring in North America, needs to invest in emerging markets if it is going to keep pace with them, Kempston Darkes said. The automaker needs products that specifically cater to buyers in the varied markets, Kempston Darkes said. The latest investments in that market are expected to support.
The division launched 17 new products last year and is expected to launch the same number this year.
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