Truck maker MAN to invest $570 mn in Brazil

Volkswagen-owned truck and bus maker MAN will invest $570 million in Brazil from 2012 to 2016 as it aims to double production in Latin America's largest market, local media reported Saturday. MAN -- which makes 77,000 vehicles a year at its plant in Resende, in Rio de Janeiro state -- wants to boost production under the MAN and Volkswagen brands to more than 140,000 units, MAN Latin America president Roberto Cortes told O Globo daily. "It is the largest sum announced by MAN Latin America in its 30-year history," said Cortes, after meeting Friday with President Dilma Rousseff in Brasilia. The European Union's executive commission approved Volkswagen's acquisition of MAN in  September. Brazilian media reported that Peugeot will next week announce new investments in its plant in Porto Real, also in Rio state. Earlier this month Nissan announced it was investing $1.5 billion in construction of a new plant in Resende, with an estimated capacity of 200,000 units per year.