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[Alpha Biz=(Chicago) Reporter Paul Lee] Hyundai Motor Group will invest 1.5 trillion won in Brazil by 2032 to grow it as a Latin American hub for the "eco-friendly mobility business" that is underway around the world.
To this end, not only R & D (R & D) related to hydrogen cars, but also future aviation mobility (AAM) and small module reactor (SMR) projects will be carried out in Brazil. It also decided to introduce three popular electric vehicles, the Ionic 5, Kona Electric and EV5, by the end of this year to catch the growing Brazilian electric vehicle market.
Hyundai Motor Group Chairman Chung Eui-sun met with President Luiz Inacio Lula da Silva at Brazil's presidential office on the 22nd (local time) and said, "We will invest $1.1 billion (about 1.5 trillion won) in Brazil by 2032."
Hyundai Motor Group's core investment targets are eco-friendly areas such as electric vehicles and hydrogen, and future technologies such as AAM and SMR. Analysts say that the Brazilian government's decision to finalize the details of the "MOVER" program, called the "Brazilian version of the Inflation Reduction Act (IRA)," by the end of this year has affected the decision.
The Brazilian government passed a bill in December last year to give a total of 19 billion real (about 5.1 trillion won) worth of tax cuts and subsidies to automakers investing in the de-carbon sector in line with the goal of reducing greenhouse gas emissions by 50 percent by 2030 and achieving carbon neutral by 2050.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
