Hyundai Motor will invest US$1.1 billion in Brazil by 2032

Automotive Author: EqualOcean News, Sun Chang Feb 23, 2024 04:03 PM (GMT+8)

On February 23, Hyundai Motor Company Chairman Euisun Chung announced during his visit to Brazil that Hyundai Motor will invest US$1.1 billion in Brazil by 2032. The investment will be shared between Hyundai Motor's Brazilian subsidiary and its local partners, mainly in green and future technologies.

Since November 2012, Hyundai Motor, one of Brazil's four major automakers, has been operating its own factory in Piracicaba, Sao Paulo State, Brazil. This is Hyundai's only manufacturing base in Central and South America. Currently, Hyundai Motor's market share in Brazil is about 10%.

During his meeting with Brazilian President Lula, Euisun Chung introduced Hyundai Motor's electrification strategy in detail, including the development and production of electric vehicles and hydrogen fuel vehicles. He emphasized that hydrogen is a key tool in the fight against climate change and an important resource complement to electrification efforts.

In addition, Hyundai has significant efforts in the areas of advanced air mobility and small modular reactors. Euisun Chung said that he believes that the future air mobility (AMM) that the group is promoting is a future vehicle that adapts to the Brazilian transportation environment, and hopes to find cooperation opportunities in the field of small modular reactors (SMR).

Lula said that Hyundai Motor has maintained a steady growth momentum in the Brazilian market and is an important company in Brazil. The Brazilian government will work to improve the tax system and investment environment.

Hyundai Motor plans to integrate with the Brazilian government's green orientation to lead the local automobile market towards electrification and explore business opportunities for hydrogen energy technology. At the same time, Hyundai Motor will continue to carry out new projects such as hydrogen fuel cell commercial vehicles and hydrogen fuel cell system supply locally to expand the coverage of the global hydrogen energy network, including Central and South America.