South Korean automaker Hyundai has revealed plans for a substantial $1.1 billion investment in Brazil, focusing on eco-friendly vehicles, during a meeting with President Luiz Inácio Lula da Silva at the Planalto Palace, as reported by Agencia Brasil.
The investment, spanning until 2032, was disclosed during a meeting between President Lula and Hyundai Motor Group’s global president, Eui-Sun Chung, with Vice President Geraldo Alckmin, who also serves as Brazil’s Industry Minister, in attendance.
According to the Brazilian government, the investment will be primarily directed towards technology, particularly for the development of hybrid, electric, and green hydrogen cars. Hyundai highlighted its total investment stock in Brazil, amounting to US$2.5 billion, and the creation of over 6,500 direct jobs in the country. The group’s first plant in the Southern Hemisphere was established in Piracicaba, São Paulo.
President Lula emphasized the government’s efforts to improve the business environment in Brazil, including the approval of tax reform, and underscored the significance of the automotive sector for the country’s reindustrialization policy. He also discussed the energy transition and Brazil’s potential in renewable energies.
Hyundai aims to revolutionize Brazil’s automotive industry with its $1.1 billion investment, focusing on eco-friendly vehicles, including hydrogen-powered ones, by 2032.
The Brazilian presidential office highlighted that the investment would specifically target technology, especially in the development of hybrid, electric, and green hydrogen vehicles.
“A stable and promising country attracts additional investments. It is another significant company growing in our nation,” President Lula stated, referencing Hyundai Motor after the meeting with Chairman Chung.
During the meeting, the Hyundai Motor chief expressed the Korean automaker’s support for Brazil’s advancements in next-generation mobility solutions such as advanced air mobility (AAM) and air taxis, as well as the development of small modular reactors (SMRs) as a stable power source.
“AAM is a future transportation system suitable for Brazil. We also hope to collaborate with Brazil in SMR projects,” said the Hyundai Motor chief, following a briefing to the Brazilian president about the SMR business undertaken by Hyundai’s affiliates.
