PSA Peugeot to Invest $280 Million in Argentina

New mid-range vehicle to be launched late this year

Underscoring its commitment to Latin America, PSA Peugeot Citroen announced on March 30 it will invest 135 million euros (US$200 million) in Argentina this year.

Director general for Argentina Osvaldo Banos said the plan for Argentina, which he discussed on March 29 with President Cristina Kirchner, calls for a new mid-range vehicle to be launched late this year, and for two new versions or vehicles already manufactured here.

The group employs 3,500 people at a facility in Buenos Aires province. It produced 134,780 vehicles in 2008. The industry hit a national record high 597,086 vehicles the same year.

"Latin America, and particularly Brazil, play a key role in achieving our goal of becoming a more global company," the PSA chief executive Philippe Varin said last week on announcing a 530 million euro investment for Brazil through 2012.

Copyright Agence France-Presse, 2010

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