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General Motors' chairman and CEO Rick Wagoner has announced that the group will invest $500 million in Argentina and Brazil. The money will be used for a new small car family to be built in the two countries and for the expansion of the technical development centre in Brazil.

Wagoner said that a new family of small cars would be built at the GM plants at Rosario in Argentina and Sao Caetano do Sul in Brazil. The upgraded product development centre at Sao Caetano would be responsible for the new car, he said.

GM sales in Latin America have been booming. Sales in Brazil and Argentina are 18 and 16 per cent up over the 2006 figures in the first half of this year, and the 2006 figures for both countries were themselves records.