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Volkswagen Pledges R$13 Billion To Boost São Paulo’S Automotive Sector
(MENAFN- The Rio Times) In a move that underscores its commitment, Volkswagen has declared an investment of R$ 13 billion ($2.36 billion) in São Paulo.
The announcement is set for tomorrow, with the event graced by Governor Tarcísio de Freitas at the Volkswagen plant in São Bernardo do Campo.
This initiative targets Volkswagen's facilities in São Bernardo do Campo, Taubaté, and São Carlos.
The investment will modernize assembly lines for models such as Virtus, the new Polo, Nivus, and the Saveiro picku . Additionally, it aims to advance vehicle electrification, aligning with global sustainability trends.
To support this substantial investment, São Paulo's government will refund R$ 1 billion ($181.82 million) in ICMS tax credits.
These incentives stem from the ProVeículo program, which boosts automotive investments through tax credit releases.
Similarly, last year, the state assisted Toyota in funding hybrid vehicle production in Sorocaba.
Volkswagen's commitment to São Paulo totals R$ 16 billion ($2.91 billion) through 2028. This focus on electrification seeks to modernize their lineup and reduce ecological impacts.
The company also manufactures the T-Cross SUV at its São José dos Pinhais plant in Paraná.
This significant investment by Volkswagen promises to revitalize São Paulo's industrial sector.
Moreover, it highlights the importance of sustainable practices in the automotive industry.
It also showcases the critical role of governmental incentives in promoting innovation and environmental stewardship.
The announcement is set for tomorrow, with the event graced by Governor Tarcísio de Freitas at the Volkswagen plant in São Bernardo do Campo.
This initiative targets Volkswagen's facilities in São Bernardo do Campo, Taubaté, and São Carlos.
The investment will modernize assembly lines for models such as Virtus, the new Polo, Nivus, and the Saveiro picku . Additionally, it aims to advance vehicle electrification, aligning with global sustainability trends.
To support this substantial investment, São Paulo's government will refund R$ 1 billion ($181.82 million) in ICMS tax credits.
These incentives stem from the ProVeículo program, which boosts automotive investments through tax credit releases.
Similarly, last year, the state assisted Toyota in funding hybrid vehicle production in Sorocaba.
Volkswagen's commitment to São Paulo totals R$ 16 billion ($2.91 billion) through 2028. This focus on electrification seeks to modernize their lineup and reduce ecological impacts.
The company also manufactures the T-Cross SUV at its São José dos Pinhais plant in Paraná.
This significant investment by Volkswagen promises to revitalize São Paulo's industrial sector.
Moreover, it highlights the importance of sustainable practices in the automotive industry.
It also showcases the critical role of governmental incentives in promoting innovation and environmental stewardship.
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