SAO PAULO (Reuters) – Car maker Hyundai plans to invest more than $1.1 billion (1.02 billion euros) in Brazil by 2032, Brazilian President Luiz Inacio da Silva announced on Thursday.
The announcement was made after a meeting between “Lula” and Euisun Chung, the executive president of the Korean group, in Brasilia.
The investment will focus on the development of hybrid, electric and hydrogen vehicles, according to the press release published by the Brazilian presidency.
Hyundai, which already has a factory in the state of Sao Paulo with a production capacity of 220,000 vehicles per year, was not immediately available for comment.
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The Brazilian government is seeking to revitalize the country’s industry. In recent weeks, Volkswagen and GM have announced significant investments in Brazil.
(Reporting by Peter Frontini; French version Zhifan Liu, editing by Sophie Louet)
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