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☆ GM workers in Brazil go on strike in protest against layoffs
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSAO PAULO, Oct 23 (Reuters) - Metalworkers at Brazilian plants of General Motors (GM.N) have voted to go on strike starting Monday in protest against layoffs carried out by the U.S.-based automaker in the country, according to a union that represents them. Neither General Motors nor the union detailed how many workers had been laid off. GM did not immediately comment on the strike but confirmed the layoffs. Reporting by Alberto Alerigi Jr. and Alexandre Caverni; Writing by Gabriel Araujo; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, dos Campos, Sao, Sao Jose dos Campos, Alberto Alerigi Jr, Alexandre Caverni, Gabriel Araujo, David Evans Organizations: General Motors, REUTERS, SAO PAULO, GM, metalworkers, Sao, Sul, Trailblazer, Motors, Thomson Locations: Detroit , Michigan, U.S, Sao Paulo, Sao Caetano, Sao Jose

☆ Brazil auto exports to plunge this year as Argentina crisis hits hard
▼ + stars: | 2023-10-06 | by ( Alberto Alerigi | ) www.reuters.com time to read: +3 min

Covered new cars are displayed during the Salao do Automovel International Auto Show in Sao Paulo, Brazil November 7, 2018. REUTERS/Paulo Whitaker/File Photo Acquire Licensing RightsSAO PAULO, Oct 6 (Reuters) - Brazilian auto exports are set to plunge by double digits in 2023 when compared with the previous year, automaker association Anfavea said on Friday, as a severe economic crisis in neighboring Argentina hits shipments to that country. "Exports have been the major warning point for the automotive sector in the first nine months of the year," it said. According to Anfavea, the crisis in Argentina caused the country - which has in Brazil its largest trade partner - to lose its position as the No.1 destination of Brazilian auto exports to Mexico this year. In the first nine months of 2022, Anfavea said, auto exports from Brazil have already declined 11.2% from the same period a year ago.

Persons: Paulo Whitaker, Anfavea, Marcio de Lima Leite, Leite, Alberto Alerigi Jr, Gabriel Araujo, Steven Grattan, Angus MacSwan Organizations: REUTERS, SAO PAULO, Thomson Locations: Sao Paulo, Brazil, Argentina, Mexico, Chile, Colombia

☆ Renault to maintain mixed ethanol combustion engines in Brazil
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

The logo of Renault is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. "It still pays to invest in combustion in Brazil," top executive Ricardo Gondo said at an event, adding that the industry will need more federal incentives to accelerate its EV transition. Renault is planning to launch Brazilian sales of an electric version of its French-made Kangoo van in October, when it will also launch its Kardian combustion engine SUV, set to be manufactured locally. Earlier this month, Renault CEO Luca de Meo warned a "very competitive" industry in China and that it will need to "catch up fast". ($1 = 4.9256 reais)Reporting by Alberto Alerigi Jr.; Writing by Carolina Pulice; Editing by Sarah Morland and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Gonzalo Fuentes, Ricardo Gondo, Gondo, van, JAC, Luca de Meo, Luiz Inacio Lula da Silva, Jair Bolsonaro, Alberto Alerigi Jr, Carolina Pulice, Sarah Morland, Marguerita Choy Organizations: Renault, Viva Technology, Porte de, REUTERS, SAO PAULO, EV, Wall Motor Co, Chery, Qualcomm, Nissan, Brazilian, Thomson Locations: Porte, Paris, France, Brazil, French, Parana, China

☆ Ford reaches deal to move industrial unit to Brazil's Bahia state
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. Chinese electric vehicle manufacturer BYD has shown interest in the complex, located in the Camacari industrial park. The automaker has since at least mid-2022 been trying to reach a deal with Ford and the Bahia government to acquire the asset. BYD said in a statement that it "continues with the planning to invest in the Camacari industrial park, maintaining the necessary negotiations with the Bahia government." It was not immediately clear whether the industrial unit mentioned by the company involves the Ford area.

Persons: Wolfgang Rattay, BYD, Alberto Alerigi Jr, Sandra Maler Organizations: REUTERS, Ford, SAO PAULO, Thomson Locations: Frankfurt, Germany, Bahia

☆ Amazon set to launch credit card in Brazil with Bradesco
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Christian HartmannSAO PAULO, Aug 4 (Reuters) - Amazon.com (AMZN.O) will launch a credit card offering in Brazil, in a partnership with Brazilian lender Banco Bradesco SA (BBDC4.SA), the bank's chief executive said on Friday, as the ecommerce giant pushes to expand its fintech offering. The launch is set for next Tuesday, according to CEO Octavio de Lazari Junior, adding that the bank will manage the card's credit risk, and the card will be powered by Mastercard (MA.N). Amazon's Brazil Country Manager, Daniel Mazini, said in a note that the company is always "looking for opportunities" to improve the shopping experience of customers in Brazil. The credit card offers comes at a time the country sees its interest rate starting a downward cycle and government programs to boost consumption. Amazon also has a credit card offering in the U.S., where it partners with JPMorgan Chase.

Persons: Christian Hartmann, Octavio de Lazari, Daniel Mazini, Alberto Alerigi Jr, Isabel Woodford, Carolina Pulice, Sandra Maler Organizations: REUTERS, Christian, Christian Hartmann SAO PAULO, Banco Bradesco SA, Mastercard, Brazil, JPMorgan Chase, Thomson Locations: Boves, Amiens, France, Brazil, U.S

☆ Buffett-backed Nubank has AI investments as 'great priority', CEO says
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nubank CEO David Velez talks on stage during the opening of the Web Summit technology conference, in Rio de Janeiro Brazil May 1, 2023. REUTERS/Ricardo MoraesSAO PAULO, May 18 (Reuters) - Investments in artificial intelligence are a "great priority" for Brazilian digital lender Nubank , Chief Executive David Velez said on Thursday, adding that the firm expects to demonstrate it soon as it pushes for expansion. "Five years from now you'll be talking to Nubank in your self-driving car, you'll be talking to Nubank in your home," Velez told reporters. Nubank debuted on the New York Stock Exchange in late 2021 raising nearly $2.6 billion. She added Nubank also sees growth opportunity in Mexico as "much bigger" than in Brazil at the moment.

☆ Brazil's StoneCo beats profit expectations, sees further revenue growth
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, May 17 (Reuters) - Brazilian financial tech firm StoneCo (STNE.O) on Wednesday posted a better-than-expected first-quarter profit, while also predicting further revenue growth for the second quarter. The firm reported adjusted net profit of 236.6 million reais, more than five times the figure reported a year ago and above analysts' estimate polled by Refinitiv of 215.8 million reais. Revenue grew 31% in the period to 2.71 billion reais, also above the expected 2.67 billion reais, boosted by solid growth in the firm's financial services platform. The company also forecast revenue of 2.875 billion reais for the second-quarter, which would represent a growth of 24.8% over the previous year. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) meanwhile came in at 1.251 billion reais, a 55.7% increase year over year, but slightly below the expected 1.3 billion reais.

☆ Toyota to invest $338 mln in new hybrid, flex car in Brazil
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, April 19 (Reuters) - Toyota Motor Corp (7203.T) said on Wednesday it will invest 1.7 billion reais ($337.68 million) to manufacture a new hybrid, flex-fuel compact car in Brazil, which will run on both gasoline and ethanol in addition to its electric engine. Toyota's announcement came at an event attended by the firm's local head, Rafael Chang, and Sao Paulo Governor Tarcisio de Freitas. Part of the investment - roughly 1 billion reais - will come from tax credits Toyota had with the state. "Toyota believes in the Brazilian market and continues to invest in technology and innovation to meet consumer needs," Chang said. The car is set to be launched in Brazil in 2024 and sold in 22 Latin American countries, it added.

☆ China's GWM taps Brazil's WEG for electric vehicle charging network
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] EV car Good Cat by Ora, a brand by Great Wall Motors, is displayed at the Bangkok International Motor show in Bangkok, Thailand, March 22, 2022. REUTERS/Athit PerawongmethaSAO PAULO, April 4 (Reuters) - Chinese electric car maker Great Wall Motors (GWM) (601633.SS) on Tuesday said is planning to install an electric vehicle charging network in Brazil through an exclusive partnership with local motor manufacturer WEG (WEGE3.SA). The partnership involves developing "a broad network for recharging electrified vehicles at dealerships, parking lots, shopping malls and other commercial establishments," GWM said in a statement. WEG will provide the Chinese firm "electric vehicle chargers to be sold to consumers and to be installed at the automaker's dealerships," it added. ($1 = 5.0852 reais)Reporting by Alberto Alerigi Jr., editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil police bust gang plot to attack authorities, public servants
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

[1/3] Brazilian senator Sergio Moro speaks during a session of the Federal Senate in Brasilia, Brazil March 22, 2023. "A murder plot against several public officials (among them a senator and a prosecutor) was investigated and identified. Sergio Moro, a former judge and current senator, also took to Twitter to confirm he and his family were targets in the gangs' plot. A government minister told Reuters that the plan was organized by the First Capital Command (PCC) gang and was not politically motivated. The federal police said 24 search and seizure warrants, seven preventive arrest warrants and four temporary arrest warrants are being served.

☆ Brazil airline Gol's shares soar after unexpected Q4 net profit
▼ + stars: | 2023-03-08 | by ( Gabriel Araujo | ) www.reuters.com time to read: +2 min

The surprisingly strong figures sent shares in the company soaring more than 12% in Sao Paulo morning trading, with analysts highlighting improving operating figures and strong revenue trends. The firm's shares had already jumped roughly 30% in the previous two sessions after rival carrier Azul SA predicted bluer skies ahead, driving travel-related stocks in Brazil up. Analysts polled by Refinitiv had forecast a net loss of 484.75 million reais. Quarterly net revenue totaled 4.7 billion reais, up 61.7% and above analysts' forecasts of 4.46 billion. Full-year net revenue expectations were reduced by 500 million reais to about 19.5 billion reais, but diluted earnings per share in the full year were kept at 0.3 real, the airline added.

Americanas on Tuesday disclosed that it did not pay interest due on Monday of more than 2 billion reais ($392 million) in local bonds. It made the disclosure in a filing responding to a question by securities regulator CVM, saying that it was allowed not to pay under the injunction. Fitch said that if Americanas formally announces a debt restructuring plan, its ratings will be downgraded to RD or D reflecting a default. Fitch said the retailer, backed by the billionaire founders of 3G Capital, has an unsustainable capital structure with the addition of an estimated 20 billion reais in previously undisclosed liabilities. The company last year paid 516.6 million reais in dividends related to the results in 2021, according to securities filings.

SAO PAULO, Jan 12 (Reuters) - Shares in Brazilian retailer Americanas SA (AMER3.SA) fell more than 75% on Thursday after its chief executive officer resigned citing the discovery of "accounting inconsistencies" totaling 20 billion reais ($3.9 billion). Rial attributed the inconsistencies to differences in accounting for the financial cost of bank loans and debt with suppliers. The outgoing CEO said Americanas would likely need a capital increase, though noted he didn't expect a short-term impact from the inconsistencies on its cash position. Analysts at Santander and JPMorgan, who rated Americanas "Neutral" and "Underweight" respectively, also forecast a major negative reaction to the news. PwC, Americanas' auditor, declined to comment on the accounting inconsistencies referred to by Rial.

☆ China's BYD expands electric vehicle operation in Brazil
▼ + stars: | 2022-11-17 | by ( Alberto Alerigi | ) www.reuters.com time to read: +3 min

[1/3] Executive Vice President of BYD and the President of BYD Americas, Stella Li poses for a picture during an interview with Reuters in Sao Paulo, Brazil November 16, 2022. REUTERS/Alberto Alerigi Jr.SAO PAULO, Nov 17 (Reuters) - Chinese automaker BYD Co Ltd (002594.SZ) will start selling two new electric vehicle models in Brazil this month, betting on favorable political and environmental developments in Latin America's largest vehicle market, the company said. They will be imported until new factories to make them in the northeastern state of Bahia start operations. BYD expects that 10% of all vehicle sales in Brazil will be electric and hybrid models by 2025, compared to the current 2.4%, and the EV market share could jump to 30% by 2030. Li pointed to the tax burden as one of the main factors behind the high prices of electric and hybrid vehicles in Brazil compared to other markets.

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