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RIO DE JANEIRO: The Brazilian subsidiary of General Motors Co plans to spend $386 million to develop and produce a new model of Chevrolet.
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The announcement comes two months after GM announced its Brazil operation would invest $780 million to increase output and produce two other new models.
GM says it sold more than 595,000 vehicles in Brazil last year, giving it a 19 percent market share. Brazil's auto industry is dominated by Fiat SpA, Volkswagen AG, GM and Ford Motor Co.