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Hyundai to invest $1.1 billion in Brazil according to Lula
FILE PHOTO: Hyundai logo is seen at a Hyundai City Store, a company operated outlet, in Karachi, Pakistan, February 8, 2022. REUTERS/Akhtar Soomro
Hyundai Motor, the automaker, is set to allocate over $1.1 billion into Brazil by 2032, as revealed by Brazilian President Luiz Inacio Lula da Silva on Thursday following a meeting with Hyundai’s Executive Chair, Euisun Chung, in Brasilia.
The intended investment, as outlined by a statement from the presidential office, will primarily target technological advancements, notably in hybrid, electric, and environmentally-friendly hydrogen vehicles.
While Hyundai possesses a factory in Sao Paulo, Brazil, with an annual production capacity of 220,000 cars, the company has yet to respond to inquiries regarding this development.
Lula’s administration has been actively engaged in revitalizing the nation’s domestic industry, a sentiment echoed by recent substantial investment announcements from both Volkswagen and GM in Brazil.
Hyundai Motor Company is a South Korean multinational automotive manufacturer headquartered in Seoul. Founded in 1967 by Chung Ju-yung, Hyundai has grown to become one of the largest automobile manufacturers in the world. The company operates under the Hyundai Motor Group, which also includes Kia Corporation, another major automaker.
Hyundai initially started with the production of small cars for the domestic market but quickly expanded its operations globally. In the 1980s and 1990s, Hyundai began exporting vehicles to various countries, including the United States and Europe, establishing itself as a competitive player in the international automotive industry.
As Brazil imposes significant import duties on vehicles imported from other countries, manufacturing vehicles within Brazil’s borders allows companies to avoid or minimize these import duties and remain competitive in the Brazilian market.
