Brazil Approves New Incentives for Local Carmakers
Brazil has approved a new package of tax breaks and other incentives for domestic carmakers to promote safer and more efficient vehicles in the country.
The 15-year legislative program, called Rota 2030, will provide tax credits worth a combined 3.7 billion reais ($558 million) over the next two years, Automotive News reports.
The plan also lowers taxes on products used to make dual-fuel engines that burn gasoline and ethanol. It further renews incentives to build and/or operate vehicle assembly plants in poverty-stricken northeastern Brazil, where Ford and Fiat Chrysler Automobiles have facilities.
Rota 2030 replaces Innova Auto, an array of tax breaks that ended at the beginning of 2018.
The little car that could still can. And this time as a car that not only gets great fuel economy, but which has ride and handling that makes it more than an econo-box (and its styling is anything but boxy).
Chinese electric-car startup Nio Inc. is forming a manufacturing joint venture with Beijing E-Town International Investment and Development Co., which is investing 10 billion yuan ($1.5 billion) in the business.
Delegates to the United Auto Workers union’s annual convention in Detroit have overwhelmingly approved a 31% raise for their salaried international leaders.