SAO PAULO (Reuters) – Automaker Hyundai Motor (OTC:) 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 (ETR:) and GM have announced major investments in Brazil.
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