GM Motors (GMCO34) to invest $760m in US plant

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GM Motors (GMCO34) to invest $760m in US plant
General Motors/ Chevrolet Photo: Unsplash

This Friday (23), General Motors (GMCO34), the GMannounced that it will invest US$ 760 million in one of its factories in the United States.

Located in Toledo, Ohio, the factory is focused on producing propulsion systems. GM’s million-dollar investment will adapt the factory to manufacture electrical parts used in its new electric vehicle.

The information is from Valor Econômico.

Electrical parts are units of force that transform the electricity of vehicle batteries into mechanical force on the wheels.

GM said this is the first propulsion plant in the USA modified by assembling parts for electric models. The changes should start later this month.

According to Valor, since 2011 the General Motors has already invested US$ 1.9 billion in its factory in Toledo, Ohio.

Movida (MOVI3) buys car rental company in Portugal

THE moved (MOVI3) announced this Wednesday (21) that it has acquired Drive on Holidays, one of the main light vehicle rental companies in Portugal, for 66 million euros (equivalent to R$ 335.6 million).

Payment by Movida was made as follows:

  • 52.5 million euros (R$ 266.97 million) paid on this date to the sellers
  • 2.5 million euros (R$ 12.71 million) withheld for eventual indemnities.

THE Drive on Holidays has 130 employees, has been in the RAC (rent a car) or car rental sector for 11 years and has four stores adjacent to the main airports in Portugal.

The company will contribute its expertise in the RAC segment in Europe, according to Movida.

Drive on Holidays had a fleet of 3,300 vehicles in August 2022. The company’s average fleet is 2,700 vehicles and an average age of 1.6 years.

According to the company, the founding shareholder and executive of Drive on Holidays, Ricardo Esteves, and the company’s employees will continue to carry out the company’s development with independent management of the Movida operation in Brazil.

The transaction “marks Movida’s entry into Europe,” the company said.

“The acquisition of Drive on Holidays by Movida will contribute to the loyalty of current customers – and the conquest of new ones – through the provision of services with a very high standard of quality in a country with a high flow of tourists, with Brazilians being a relevant part of these ”, described the company in a Material Fact to the market.

Price

The BDRs of GM closed down 3.13% this Friday (23), quoted at R$ 46.45.

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