GM sees challenges in auto industry financing in Brazil

According to a recent interview with Bloomberg, a top level executive at General Motors said that the brand's efforts to expand in Brazil would be hampered by companies from within the country rather than other foreign companies. GM's president for South America and Brazil, Jamie Ardila, said that the auto industry financing had been affected by competition from countries with exchange rates that were more favorable. “I’m much more worried about importers than about manufacturers investing in Brazil, which will have exactly the same cost structure we have and, therefore, market conditions will be leveled among us,” Jaime Ardila said in an interview with Bloomberg. “My concern related to imported cars is the uneven conditions since they’re arriving from countries with very competitive currency exchange rates.” GM made other auto industry financing news recently when it announced that it would be investing millions of dollars into a plant in the United States. The automaker said that it would be pouring $49 million into its factory in Bedford, Indiana.