Nissan plans to invest 2.8 billion reais ($575 million) in its Brazilian factory, with the goal of doubling its market share in Latin America's biggest economy by 2026.

The Japanese carmaker had previously planned to invest 1.3 billion reais, a figure that was announced in April 2022. It’s now adding another 1.5 billion reais through 2023 to 2025, the company said Tuesday.

Makoto Uchida, Nissan’s chief executive officer, was in Brasilia on Monday to present the spending plan to President Luiz Inacio Lula da Silva. Nissan currently exports Kicks, the only product made in Brazil, to eight countries in Latin America. The plant investment is part of a plan to introduce a renewed Kicks, as well as another SUV at the factory located in the city of Resende, in Rio de Janeiro, in addition to a new turbo engine.