Brazil’s Lula says Hyundai to invest $1.1 billion in Brazil

By Thomson Reuters Feb 22, 2024 | 10:08 AM

SAO PAULO (Reuters) – Automaker Hyundai Motor is planning to invest more than $1.1 billion in Brazil by 2032, Brazilian President Luiz Inacio Lula da Silva said on Thursday.

The announcement came after a meeting between Lula and Hyundai’s Executive Chair, Euisun Chung, in Brasilia.

The investment would be focused on technology, in particular hybrid, electric and green hydrogen cars, said a statement from the presidential office.

Hyundai, which owns a factory in the Brazilian state of Sao Paulo with capacity to produce 220,000 cars per year, did not immediately reply to a request for comment.

Lula’s administration has been focusing on reigniting the country’s domestic industry. In the last few weeks both Volkswagen and GM have announced major investments in Brazil.

(Reporting by Peter Frontini; Editing by Gabriel Araujo and Frances Kerry)