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Hyundai to invest USD1.1B in Brazil

ANN/THE KOREA HERALD – A meeting between Hyundai Motor Group head Chung Euisun and Brazilian President Luiz Inacio Lula da Silva at the presidential office in Brazil on Thursday resulted in Hyundai declaring a USD1.1 billion investment to Brazil.

Chung hopes that the investment will be used towards developing future technology as well as working on becoming more eco-friendly in sectors such as hydrogen.

Established in 2012 with an annual capacity of 180,000 units, Hyundai Motor’s Brazilian plant in Sao Paulo is the automaker’s only manufacturing foothold in Latin America. The automaker announced a plan to expand the capacity to 220,000 units per year in 2018. The company also operates its regional headquarters in Brazil.

Brazil announced in December last year that the country would offer KRW5.1 trillion worth of tax credits and subsidiaries for automakers investing in Brazil’s carbon reduction efforts.

The Brazilian president highlighted that Hyundai Motor was an important company that was growing in the country. The Brazilian government plans to cut greenhouse gas emissions by 50 per cent in 2030 and achieve carbon neutrality by 2050.

Acknowledging the Brazilian government’s efforts to go carbon-free, Chung expressed willingness that Hyundai Motor Group will contribute to any aspects it can help in terms of the hydrogen and eco-friendly mobility sectors

“Hyundai Motor Group is pushing for a fast-paced automation strategy covering electric and hydrogen vehicles to achieve zero carbon emissions,” said the Hyundai Motor Group chief.

“Hydrogen energy is an important resource that is a key to cope with climate change and can make up for automation.”

Hyundai Motor Group Executive Chair Chung Euisun with Brazilan President Luiz Inacio Lula da Silva. PHOTO: THE KOREA HERALD