Brazil has long protected its auto industry with high import taxes for foreign made cars.
BMW has now, according to CNBC, decided to build a plant in Brazil.
More specifically it has decided to invest US$ 500 million in the state of Santa Catarina that is located in the southern part of Brazil.
Imported cars have always been considered something of a luxury in Brazil, and even the cheapest BMWs currently cost more than US$ 50,000. The companies that currently have been in Brazil for an extended time, like GM, enjoys a huge market share. On the other hand brands like Honda and Toyota are considered almost like luxury brands.
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