Volkswagen to announce investment in Brazil this week, says Lula

Brazilian President Luiz Inacio Lula da Silva said on Tuesday that Volkswagen is set to announce an investment in the country on Feb. 2 at its Sao Bernardo do Campo plant, without providing further details.

The leftist leader added in an interview with the CBN radio station that his government has been encouraging automakers to make investments in Brazil, after General Motors last week said it would inject $1.4 billion into the country by 2028.