German carmaker BMW is planning to invest EUR200m to build a new vehicle manufacturing plant in Brazil.
Construction at the new plant is expected to start in April 2013 and production is scheduled to commence in late 2014.
The company expects to produce about 30,000 vehicles per year at the new production plant, which will extend the carmaker's production network that currently includes 29 production and assembly facilities in 14 countries.
BMW said that negotiations with the state government of Santa Catarina are underway for the new plant in the Joinville region.
BMW member of the board of management, responsible for sales and marketing Ian Robertson said that Brazil is a potential market for the future for the company.
"For that reason, we are strengthening our long-term commitment to this country," Robertson said.
"This will create the necessary conditions for us to maintain the balance of sales between Europe, Asia and the Americas - and, therefore, for the long-term success of our company."
