Brazil's Lula says Hyundai to invest $1.1 billion in Brazil
Reuters
Published Feb 22, 2024 11:07AM ET
SAO PAULO (Reuters) - Automaker Hyundai Motor (OTC:HYMTF) 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:VOWG_p) and GM have announced major investments in Brazil.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.