After record sales in 2021, Volvo announces billionaire investment in Brazil

volvo trucks
Photo: Vitpho/Shutterstock

Volvo announced on Wednesday that it will pour BRL 1.5 billion (USD 283 million) into the research and development of products and services in Brazil by 2025. The decision comes after the Swedish automaker registered record truck sale numbers in the country last year.

Roughly 21,800 trucks were sold in Brazil in 2021, up 45.7 percent from the previous year. This number came amid a 43.5-percent increase in the market, which corresponds to 128,700 vehicles. In the heavy truck category, Volvo outperformed its three main competitors Mercedes-Benz, Scania, and Volkswagen.

“Brazil maintained its position as the second-largest market for Volvo trucks in the world, even at a time of limitations due to the pandemic and supply chain restrictions,” said the group’s CEO for Latin America, Wilson Lirmann.