Hyundai Motor Co., South Korea’s leading automaker, has announced an ambitious $1.1 billion investment plan in Brazil to help the South American country revive its ailing automotive sector in line with Brazil’s decarbonization and carbon neutrality goals and shift towards electrification. Hyundai Motor Group Chairman Chung Euisun has pledged full support by the Group in Brazil’s future mobility initiatives as well as its planned investments in developing hydrogen-powered vehicles and small modular reactors (SMRs) during his meeting with the Brazilian President Luiz Inacio Lula da Silva. The committed investment, to be made by Hyundai Motor Company and its affiliate Kia Corp. until 2032, will reportedly cause a ‘big transformation’ in the South American nation’s automotive sector and will pivot on the development of hybrids, electric and green hydrogen vehicles, as part of the Brazilian government’s aim to reduce to half the country’s level of greenhouse gas emissions than the 2005 level by 2030 before achieving carbon neutrality in 2050. As Hyundai is keen on putting into reality its vision of ushering in next-generation mobility solutions, such as advanced air mobility (AAM) and air taxis using AAM technology and the development of small modular reactors (SMRs) as an original and alternative stable power source, Hyundai’s Hyundai Motor and Kia Corp. shall be releasing Hyundai IONIQ 5, crossover, Hyundai Kona Electric and the Kia EV5, among others, in Brazil within this year itself, in a bid to further strengthen Hyundai’s 12.0% share of Brazil’s auto market last year.
Hyundai’s planned investment in Brazil, which is expected to lead to more jobs and a major boost to the Brazilian economy, is not only an important and strategic choice for the company in its pursuit for eco-friendly mobility but is also a strong statement of its commitment to its corporate social responsibility programs. Its ongoing projects in this area already include the “Sorisso Cidadao” program, aimed at giving children living in the northeast region of Brazil who would otherwise have begun their working lives at ages as young as five an educational environment based on creativity, and “Ionic Forest Campaign” through which Hyundai firmly attests itself as a company highly dedicated to its sustainable development and environmental protection efforts and community development.
