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Report: GM to invest 10B reais in Brazil

General Motors Co. will invest 10 billion Brazilian reais in two of its plants in São Paulo, Brazil, Reuters reported March 19.

General Motors did not immediately respond to S&P Global Market Intelligence's request for comment.

In February, another Reuters report said the Michigan-based automaker is planning to invest 9 billion Brazilian reais in São Paulo over the next three years for tax incentives.

As of March 18, US$1 was equivalent to 3.80 Brazilian reais.