MercoPress. South Atlantic News Agency

Hyundai pledges US$ 1.1 billion investment in Brazil until 2032

The South Korean brand will focus particularly on hybrid, electric, and green hydrogen cars

South Korean carmakers Hyundai announced this week a US$1.1 billion investment in Brazil during a meeting with President Luiz Inácio Lula da Silva at the Planalto Palace on Thursday, Agencia Brasil reported.

Lula welcomed Hyundai Motor Group global president Eui-Sun Chung for the meeting during which it was explained that the capital input would span through 2032. Also attending the encounter was Vice President Geraldo Alckmin, who serves as Brazil's Industry Minister as well.

According to the Brazilian government, the focus of the resources will be on technology, particularly hybrid, electric, and green hydrogen cars. Hyundai also emphasized its investment stock in Brazil, totaling US$ 2.5 billion, and the creation of more than 6,500 direct jobs in the country. The group's first plant in the Southern Hemisphere was established in Piracicaba, in the state of São Paulo.

Lula discussed the government's efforts to enhance the business environment in the country, including the approval of tax reform and the significance of the automotive sector for the reindustrialization policy. He also commented on the prospects for the energy transition and Brazil's potential in renewable energies.

(Source: Agencia Brasil)