Hyundai announces $1.1 bi investment in Brazil

President Luiz Inácio Lula da Silva welcomed Eui-Sun Chung, the global president of the Hyundai Motor Group, to the Planalto presidential palace on Thursday (Feb. 22). During the meeting, the South Korean company executive announced $1.1 billion in investments in Brazil until 2032.

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 $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.

During the meeting, President 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.