Hyundai Motor Group bets big on Brazil, will invest over $1.1 billion by 2032

Hyundai Motor Group Executive Chair Euisun Chung meets President Luiz Inácio Lula da Silva to discuss comprehensive cooperation plans in Brazil; the Korean auto major will promote development of locally tailored eco-friendly vehicles and establish a new organization for hydrogen projects in Central and South America.

Autocar Pro News Desk By Autocar Pro News Desk calendar 24 Feb 2024 Views icon4243 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Hyundai Motor Group bets big on Brazil, will invest over $1.1 billion by 2032

In what can be seen as a strategic global expansion move for the future, Euisun Chung, Executive Chair of Hyundai Motor Group, who is currently visiting Brazil, has met with the country’s President Luiz Inácio Lula da Silva.

President Lula, Geraldo José Rodrigues Alckmin Filho, Vice-President and Minister of Industry and Foreign Trade of Brazil, and Jose Muñoz, President and Global Chief Operating Officer at Hyundai Motor Company, were also present at the meeting at President Lula’s office on February 22.

The Hyundai Group chairman said: “Hyundai Motor Group wants not only to sell cars but also to grow together with Brazil. We are carrying out various social contribution activities for the Brazilian community, including free dental treatment and reforestation programs. Hyundai pledges continued investments in various areas to further contribute to the Brazil's economy in collaboration with partners.”

President Lula said, “A stable country with a future receives more investment. I received the Executive Chair of Hyundai Motor Group, Euisun Chung, who announced that the Group plans to invest more than 1.1 billion dollars by 2032 in technology and green hydrogen. Another great company growing in our country.”

Aiming to be one of Brazil’s top EV brands
In his comment specific to the Brazilian government’s decarbonisation policy, Euisun Chung said: “We are well aware of the Brazilian government’s effort to R&D and applying eco-friendly energy sources to the industries. Hyundai Motor Group will actively contribute to the hydrogen infrastructure and mobility sector in Brazil.”

He added, “Hyundai Motor Group is pushing for a rapid electrification strategy that encompasses electric and hydrogen vehicles to achieve zero carbon emissions, and hydrogen energy is a key means of responding to climate change and an important resource to complement electrification.”

He also explained Advanced Air Mobility (AAM), in which the Group is seeking to expand its market and secure technological competitiveness as part of securing future mobility leadership, and Small Modular Reactor (SMR), which the Group is accelerating the development of as a stable power source.

The Group will aim to solidify itself as a leading EV brand in the Brazilian market, where competition for eco-friendly mobility will intensify, while actively pursuing growth measures for a new leap forward in the Brazilian market in ways such as seeking business opportunities using the Group’s advanced hydrogen technology.

The Group will also launch the Kia EV5, which is scheduled to be mass-produced this year, and continue to expand its Brazilian electrification lineup. Also, as part of the response to the Green Mobility Innovation Program, a Brazil-optimized powertrain for hybrid FFV (Flexible-Fuel Vehicle) will be developed. This is an eco-friendly vehicle equipped with hybrid system in FFV (Flexible-Fuel Vehicle) that uses fuel mixed with ethanol or methanol and gasoline

The Group will also actively pursue growth in business opportunities using the Group’s advanced hydrogen technology and will expand its global hydrogen network to Latin America, focusing on Brazil, which is leading the renewable energy market in the region.

The Group plans to discover new businesses such as exploring new markets for hydrogen commercial vehicles and supplying hydrogen fuel cell systems while strengthening its cooperative networks among the Group affiliates to create a hydrogen ecosystem and actively create new businesses using hydrogen in Brazil and Latin America.

To this end, an organization dedicated to the hydrogen business in Latin America was established in Brazil last year and is actively exploring the hydrogen market.

The Group is leading the global hydrogen mobility ecosystem by continuing to develop various technologies and invest continuously throughout the entire stage of the hydrogen value chain. At CES 2024, the Group presented its vision for a hydrogen-powered, software-driven transformation beyond mobility applications under the theme of ‘Ease Every Way.’

Enhancing industry-academia connect
Following the meeting with President Lula, the Hyundai Motor Group chairman met university officials, including Carlos Gilberto Carlotti, Jr., president of the University of São Paulo, to discuss ways to foster talent in eco-friendly fields and cooperate with industry.

“Hyundai Motor Group aims to resolve energy inequality through hydrogen energy and speed up the transition to a hydrogen society,” he said. “We hope to lead Brazil’s clean energy market through close cooperation with the University of São Paulo, which has a high level of competitiveness in various eco-friendly fields.”

Last year, he also met with the president of Georgia Tech in the U.S. and the president of Hanoi National University in Vietnam to discuss how to secure future technologies, foster and discover outstanding talent, and promote industry-academic cooperation in new businesses.

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