LatinNews Daily - 27 March 2024

*Brazil’s President Luiz Inácio Lula da Silva and Vice President Geraldo Alckmin, who also serves as the minister for industry & trade, have presented measures aimed at boosting the domestic production of electric vehicles (EVs). Alckmin presented updated measures for the Programa Nacional de Mobilidade Verde e Inovação (Mover), a programme offering tax incentives for EV manufacturers, which was first launched in a temporary presidential decree (‘medida provisória’, MP) signed in December. Lula and Alckmin announced yesterday that the Mover programme will provide R$19.3bn (US$3.88bn) in tax credits from 2024-2028. The MP signed in December has also been submitted as a bill to be reviewed by congress. In recent months the Brazilian government has made stronger signals of its intention to boost green industrial growth and increase production in the automotive sector. Having already received pledges of further investment from several international carmakers in 2024, Lula and Alckmin held a meeting in Brasília on 25 March with the chairman of Indian conglomerate Tata Sons, which owns Jaguar Land Rover and other automotive sector subsidiaries. According to a government press release, Tata Sons plans to open a new factory in Londrina, Paraná state.