Hyundai Motor said it planned to invest US$US1.1bn in its Brazilian operations by 2032, to add new technology including environmenty friendly products such as battery electric vehicles (BEVs) to its local portfolio.
HMG chairman Euisun Chung discussed the company’s plans in a meeting with Brazilian president Luiz Inacio Lula da Silva in capital city Brasilia last week. Along with local suppliers, the automaker plans to bring zero emission products to this market, including BEVs and hydrogen powered vehicles. The company regards hydrogen energy as a key technology in the battle against climate change, complementing its BEV strategy.
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Hyundai Motor has already spent US$1.2bn in Brazil, mainly in a vehicle plant in Piracicaba in Sao Paulo state which makes the Creta compact SUV and the HB20 small hatchback. The factory produced 205,000 vehicles last year, including 20,000 for export. Piracicaba is Hyundai’s only vehicle factory in Latin America.
It is also exploring opportunities in Brazil to introduced other products including aircraft.
