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SAO PAULO (AP) — Honda Motor Co. says it will invest 1 billion reals ($435 million) to build its second factory in Latin America's biggest country.

In a statement emailed Thursday, the Japanese automaker says the new plant is expected to begin operating in 2015 and will have an annual production capacity of 120,000 compact cars.

The new production unit will be built near the city of Itirapina in Sao Paulo state.

Honda's plant in the city of Sumare has been operating since 1997. It produces 120,000 cars a year.

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