PSA to invest $320 million in Argentina

By: Caroline Stauffer

BUENOS AIRES -- PSA Group agreed to invest $320 million in Argentina with the aim of producing more cars to be sold on the local and international markets starting in 2019.

Carlos Gomes, head of Latin America for PSA, made the announcement to President Mauricio Macri during a meeting, the government said in a statement.

The plant is already located in the suburbs of Buenos Aires and the investment will enable it to expand production.

Macri has been betting on investment to pull Argentina's economy out of recession, but a year into his term growth is still elusive.

Data released on Thursday did show automobile production grew 3.3 percent in November from a year earlier, after falling for various months amid recession at home and in neighboring Brazil.

Exports also rose 15.8 percent from November 2015, the data from the Association of Automobile Manufacturers (Adefa) said.


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