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VW's Scania to pour $344M in Brazil plant upgrade

Volkswagen AG bus and truck unit Scania AB will invest 1.4 billion Brazilian reais to upgrade its São Bernardo do Campo plant in Brazil, Reuters reported May 21.

Scania's move follows Ford Motor Co.'s decision in February to leave the South American commercial heavy-truck market and close its plant in the same city.

According to a joint statement by Scania and the São Paulo state government, the Swedish heavy-truck maker expects to begin its investment in 2021 and complete by 2024.

In March, São Paulo announced tax rebates of up to 25% on top of the country's ICMS value-added tax for carmakers in a bid to revitalize the local automotive industry.

As of May 21, US$1 was equivalent to 4.06 Brazilian reais.