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General Motors will build in Argentina an engine plant

With the belief that the crisis in the automotive sector will not last forever and with an eye on the international market, General Motors announced a huge investment to start manufacturing engines in Argentina. The announcement, which took place at the Government House, was in made by the president of General Motors Company (GM), Dan Ammann. On the other side of the table listened the Chief of Cabinet, Jorge Capitanich and the Minister of Industry, Debora Giorgi.


The company will invest USD 270 million to build a new engine plant in their automotive complex in General Alvear, near Rosario. According to a press release from the company, "this number (USD 270 million) is added to the $ 450 million already being invested to build a new global model for late next year" and an additional $ 20 million to modernize the equipment of the plant, which manufactures the Agile and Classic  automotive models. Thus, the projected investment for the period 2014-2016 amounts to $ 740 million.

"The expansion of our investment in Argentina is important to the success of our business here," said Ammann, that was accompanied in the announcement by Chuck Stevens, executive vice president and CFO of GM; Jaime Ardila, president of GM South America; Carlos Zarlenga, Executive Director of Finance of South America; Isela Costantini, President of GM Argentina, and Nicholas Abbate, director of Public Affairs and Communications of the local subsidiary.


"The Argentine market is an important market for us and the construction of a new engine plant in Rosario is another example of our commitment to the future growth in the region," Ammann said.


Costantini, meanwhile, said that the new plant that will be installed in the last quarter of the year will let the company "continue improving its trade balance as we will have a new product to be exported to the European markets."

The company, in fact, expect that the  beginning of the production of the new aluminum engine, (which will be prepared to meet the Euro 6 standards and meet European standards for emission of CO2) will be of 90,000 units per year, of which they will export 10,000 mainly to the European Union. The projected value of these exports is USD 23.5 million annually.


According to the Ministry of Industry, the production of the engines will start in early 2017. The official statement also said that "the engines will have a gradual increase of the national integration, with a floor of 32% (piece on piece) that could increase up to 50% through the development of local suppliers for block, cylinder heads and other aluminum components".
Under the so-called Project Phoenix, the local subsidiary of GM will manufacture a new global model. According to the Ministry of Industry, 80,000 cars will be produced per year, 80% of which will be exported. The expected income is of about USD 1.2 billion annually.

 

Date: July 8, 2014.

Source: http://www.lanacion.com.ar/1708048-general-motors-instalara-en-el-pais-una-planta-de-motores

 




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รายงานสถานการณ์เงินเฟ้อในประเทศอาร์เจนตินา เดือนมีนาคม ถึง เมษายน 2566
Argentina is in OECD top 3 for growth in 2021 but falls to last place in 2022
The Government incorporated US $4.3 billion of SDRs into the budget to pay the Fund.
Inflation in August was 2.5%, the lowest level since July 2020, and accumulated 51.4% in the last year
The government presented the 2022 Budget Bill
According to the ILO, 8 out of 10 jobs created in Argentina have been in the informal market.
In July, industrial activity rose by 13% and construction increased by 19.8%.
The government has extended meat export restrictions until October.
Foreign investment announcements reached US$ 482 million in first half of 2021
Customs set new reference prices for meat exports
The government presented a bill to encourage investment in the automotive industry.
Inflation in July was 3% and accumulates 29.1% in 2021
Uruguay passed a law to regulate teleworking
The level of activity in industry grew by 19.1% in June and construction by 28.6% year-on-year.
The government confirmed that it will use the SDRs it will receive from the IMF to repay part of the debt.
Construction of the Atucha III nuclear power plant will begin in June 2022.
Province of Buenos Aires agreed to swap debt with bondholders after one year in default
Economic activity in May fell 2% from previous month
In June, the fiscal deficit increased and in July the monetary issue increased
Agro-industrial exports grew 25% to US$ 19.5 billion
The Senate approved new biofuels law
Inflation in June was 3.2% and accumulated 25.3% in the first half of 2021.
The Government created the Green Productive Development Plan.
Domestic vehicle production is up 14.5% on May and 155% year-on-year.
The Paraguay-Paraná waterway will come under state control next year.
The government formalised the partial payments to the Paris Club and the deadline with the IMF.
MSCI reclassified Argentina as Standalone
The government announced that meat exports will be partially reopened and there will be a plan to increase production.
Inflation slowed to 3.3% in May, lowest monthly rate of year so far
The oil company YPF presented a company dedicated to lithium production.
Industrial activity grew by 0.3% month-on-month in April and construction fell by 2.2%.
The government presented a bill to regulate the medical cannabis and industrial hemp industry.
Deadline with the Paris Club expires and the government awaits extension
Economic activity recorded a year-on-year increase of 11.4% in March, but a 0.2% decline from February.
The government closed meat exports for 30 days; producers announced a 7-day marketing strike.
A memorandum was signed with Chinese companies for the Vaca Muerta-Brazil gas pipeline
YPF announced that fuel prices will rise another 5% and it will be the last increase of the year.
Inflation continues to rise in Argentina, up 4.1% in April
State oil company YPF improved revenues in the first quarter of the year but lost US$25 million
MSMEs that export up to US $ 500,000 will have export tariffs reduced to 0%
125,000 jobs were lost during the pandemic
The mining company Livent will invest US $ 640 million to expand lithium production in Catamarca
AFIP says one-off Covid 'wealth tax' has been paid by 80% of targeted and brought in US $ 2.3 billion so far
Metallurgical production grew 25% year-on-year in March
The Minimum Wage will rise by 35% staggered in seven sections during 2021
Meat, grain and dairy producers must report what they plan to export
Economic activity fell 2.6% year-on-year and 1% monthly during February
Argentina records highest inflation rate in 18 months: 4.8%
Industrial activity rose 1.6% and construction 22.7% year-on-year in February
The Ministry of Productive Development affirmed that Argentina could be "a technological producer for South America"
http://vc1The Central Bank makes the purchase of dollars more flexible for the importation of capital goodsplanet.com/memberarea/index2.php?action=article_add&Ntype=1&blog_enable_status=#
Poverty rate up to 42% in second half of 2020
The current account ended 2020 with a surplus of almost US $ 3 billion
Economic activity up 1.9% in January but down by 2% year-on-year
President Alberto Ferández called to extend the IMF payment term
Cristina Fernández de Kirchner affirmed that Argentina can’t pay US $ 45-billion IMF loan
The debt swap under Argentine law reached 99.55% of the securities issued
Argentina's GDP shrank 9.9% in 2020
The President announced the reduction of employer contributions in 10 Northern provinces
More than half of the provinces achieved their external debt restructuring
The February inflation index rose 3.6%
Soybeans led exports in 2020 with more than US $ 14 billion
The monetary base showed a contraction of 2.9% in February
Collection increased 51.9% year-on-year in February
Argentine stocks rose as much as 35% in February on Wall Street
The January trade exchange left a surplus of US $ 1,068 million
In 2020, economic activity fell by 10%
January inflation was 4%
Argentina registered the highest global growth in electronic commerce in 2020
Renewable energy generation grew 64% in 2020
Automotive production grew 17.5% in January and exports grew 37% year-on-year
Government controls companies to avoid product shortages
The Government paid US $ 315 million to the IMF while negotiations continue
The Buenos Aires stock market closed January with a decrease of 5.79%
The Central Bank reported the pending challenges of debt restructuring
The 2020 trade exchange had a surplus of US $ 12,528 million
The Government established reference values for meat exports
Government will extend the prohibition to fire employees and the mandatory payment of double severance
During 2020 the primary deficit was equivalent to 6.5 points of GDP
The Treasury closed 2020 with positive net financing of $ 386 billion
Government defined the activities benefited by the Knowledge Economy Law
Inflation in December was 4% and 2020 accumulated 36.1%
Government lifted the quota on exports and producers end strike
Ford investment plans in Argentina
In November, industrial activity grew 4.5% and construction 6.2% year-on-year
The monetary base grew 43% average in 2020
The Central Bank implements limitations for imports of luxury goods
The Stock Exchange closed 2020 with an accumulated increase of 22.9%
Govt. eliminated withholdings to encourage exports from regional economies
January inflation was 4%
The Poverty Line increased to $ 56,459
Argentina's Industry down by 7.1% in August 2020 annually
Uruguay's Inflation fell by 0.64% in September 2020 and stood at 9.92% annually
Unemployment in Argentina rises to 13.1% in the second quarter of 2020
Argentina's Inflation in August 2020 hit 2.7% and 40.7% annual
September 2020: Argentina’s economic activity shrank by 19.1% year-on-year
Argentine government tightened foreign currency controls
Argentina was the country that received the most of Chinese infrastructure investments in the region
Argentina announced a package of measures for industrial reactivation



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