The head of Hyundai Motor promises to invest 1.1 billion dollars in Brazil by 2032

The head of Hyundai Motor promises to invest 1.1 billion dollars in Brazil by 2032


Brazilian President Luiz Inacio Lula da Silva (center), Vice President Geraldo Alckmin (left) and Euisun Chung, chairman of Hyundai Motor Group, pose for a photo after holding a meeting at Lula’s office in Brasilia on Thursday. (Hyundai Motor Group)

The head of Hyundai Motor Co., South Korea’s leading automaker, recently visited Brazil and has pledged to invest $1.1 billion in the South American nation by 2032, according to the company Friday.

During a courtesy call to Brazilian President Luiz Inacio Lula da Silva in Brasilia on Thursday, Euisun Chung, chairman of Hyundai Motor Group, said Hyundai’s Brazilian unit and its local partners will invest $1.1 billion in green technology areas. and the future by 2032.

Chung explained Hyundai’s electrification strategy for Lula, which includes electric vehicles and hydrogen vehicles to achieve zero carbon emissions.

He stressed that hydrogen energy is an important tool to address climate change and an important resource that complements electricity supply efforts.

Hyundai Motor has operated a manufacturing plant in Piracicaba in the Brazilian state of Sao Paulo since November 2012. It serves as Hyundai’s sole manufacturing base in the Central and South American region.

According to the company, Chung thanked the Brazilian government for its continued interest and support for Hyundai Motor’s operations in Brazil and for initiating the company’s various efforts for employees and the local community.

He also expressed his understanding of the Brazilian government’s efforts to develop environmentally friendly energy sources as part of its carbon-free policy and emphasized that Hyundai is ready to contribute to such efforts in Brazil.

Brazil has been implementing multifaceted environmental policies with the goal of reducing greenhouse gas emissions by 50 percent compared to 2005 levels by 2030, under the goal of achieving carbon neutrality by 2050.

Chung also described Hyundai Motor’s efforts in the areas of advanced air mobility and small modular plants and expressed hopes for cooperation in these fields with Brazil.

Hyundai Motor said the group is expanding its global hydrogen network to Central and South America, with Brazil at the forefront. Last year, it established a special unit for hydrogen projects in Central and South America in Brazil. (Yonhap)