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President Lula Met with the Hyundai Team, Resulting in Government Plans for a New Billion-Dollar Investment in Green Hydrogen.
This Thursday, at the Palácio do Planalto, President Lula welcomed Euisun Chung, Global CEO of the Hyundai Group. During the meeting, an ambitious plan was announced to invest US$ 1 billion in Brazil by 2032, focusing on green hydrogen technology. This investment aligns with the goals of the government’s Green Mobility (Mover) program, which aims to decarbonize Brazilian vehicles, including the development of hybrid, electric, and green hydrogen-powered cars.
Lula Government Has Good Prospects for Energy Transition with the Arrival of Green Hydrogen
President Lula further emphasized in the meeting his interest in holding a high-level bilateral meeting between Brazil and South Korea regarding the G20 and commented on the priorities of the Brazilian presidency of the group: tackling climate change, combating hunger and poverty, and reforming global governance.
Lula also pointed out that the Brazilian government is interested in discussing the impact of new technologies, such as artificial intelligence. The Minister of the Civil House, Rui Costa, and the Vice President and Minister of Development, Industry, Commerce, and Services, Geraldo Alckmin, also participated in the meeting with Hyundai.
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On the occasion, Alckmin presented the country’s industrial and energy policies to the Hyundai team, in addition to the management’s priority of reindustrialization and decarbonization, mainly with the use of green hydrogen. Rui Costa, in turn, spoke about the priority of sustainability and energy transition, as well as Brazil’s interest in increasing the production of trucks and cargo vehicles in the development of the railway sector.
President Lula discussed the prospects for the energy transition, which is also a priority for the oil and gas sector in Brazil. On social media, Lula stated after the meeting with the Hyundai team that investments in hydrogen are the result of the country’s stability.
Government Also Secures Investments with Other Automakers
According to President Lula, a stable country with a future attracts more investments, and he welcomed Hyundai Motor’s Executive President, Eui-Sun Chung, who announced that the group plans to invest over US$ 1.1 billion by 2032 in technology and green hydrogen.
Another major company is growing in Brazil. It is worth noting that besides this meeting with Hyundai, this year General Motors announced an investment of R$ 7 billion in the country, from 2024 to 2028, after meeting with Lula and Alckmin.
This amount represents a 30% reduction from the R$ 10 billion of the previous investment cycle; however, according to GM’s Vice President of Public Policy, Communications, and ESG for South America, Fabio Rua, it may increase depending on market conditions. According to GM, the focus of the new investment cycle may accelerate sustainable mobility through the renewal of the vehicle portfolio and the development of new technologies.
The current factories in the country will be modernized to be more “agile and sustainable,” according to the group. However, it has not been disclosed whether there will be an impact on the company’s level of employability.
BYD Also Plans to Invest R$ 3 Billion in Brazil
At the beginning of the month, Lula visited the Volkswagen factory in São Bernardo do Campo (SP), where the automaker also announced investments in the country. Within the new investments of R$ 9 billion that the brand will make in Brazil by 2028, the estimate is that four new models will be produced in the country.
President Lula received executives from BYD who presented the government with a detailed report of their investment plan in Brazil.
The company will invest R$ 3 billion in the Camaçari complex, which will have an initial capacity to produce 150,000 cars per year and will be the first car manufacturing plant of the company outside of Asia.
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