KIA Corporation

• Hyundai Motor Group Executive Chair Euisun Chung today met President Luiz Inácio Lula da Silva to discuss comprehensive cooperation plans in Brazil  
• Executive Chair Chung introduced various initiatives at Hyundai Motor’s Brazilian plant for employees and the surrounding communities 
• President Lula says “A stable country with a future receives more investment. Hyundai Motor Group plans to invest more than 1.1 billion dollars by 2032 in technology and green hydrogen. Another great company growing in our country.”
• The Group aims to not only focus on car sales but also grow together with Brazil by prioritizing workers’ happiness and social contributions to local communities
• The Group hopes to contribute to the hydrogen and mobility sectors in Brazil and explore cooperation plans in future aviation mobility and small modular reactors
• The Group to promote the development of locally tailored eco-friendly vehicles and establish a new organization for hydrogen projects in Central and South America 
• Executive Chair Chung also met with the president of the University of São Paulo to discuss talent development and industry-academia cooperation in the field of eco-friendly technologies to lead Brazil’s clean energy market
• Executive Chair Chung to meet with the Governor of São Paulo and visit Hyundai Motor’s Brazilian plant to check the current status of the strategy for Central and South America

Euisun Chung, Executive Chair of Hyundai Motor Group (the Group), is currently visiting Brazil, and has met with the country’s President Luiz Inácio Lula da Silva.

President Lula; Geraldo José Rodrigues Alckmin Filho, Vice President and Minister of Industry and Foreign Trade of Brazil; and Jose Muñoz, President and Global Chief Operating Officer at Hyundai Motor Company, were also present at the meeting at President Lula’s office on February 22.

Executive Chair Chung first thanked the Brazilian government for its continued interest and support in Hyundai Motor’s Brazilian plant and introduced various initiatives at the plant for the benefit of employees and the surrounding communities.

“Hyundai Motor Group wants not only to sell cars but also to grow together with Brazil,” said Executive Chair Chung. “We are carrying out various social contribution activities for the Brazilian community, including free dental treatment and reforestation programs.”

Executive Chair Chung added, “Hyundai pledges continued investments in various areas to further contribute to the Brazil’s economy in collaboration with partners.”

President Lula said, “A stable country with a future receives more investment. I received the Executive Chair of Hyundai Motor Group, Euisun Chung, who announced that the Group plans to invest more than 1.1 billion dollars by 2032 in technology and green hydrogen. Another great company growing in our country.”

With an employee-first philosophy in place, Hyundai Motor’s Brazilian plant has received the Good Job Companies Certification awarded by the Secretariat of Employment and Labor Relations (SERT) in São Paulo.

Regarding the Brazilian government’s de-carbonization policy, Executive Chair Chung said, “We are well aware of the Brazilian Government’s effort to R&D and applying eco-friendly energy sources to the industries,” expressing deep sympathy for the Brazilian government’s various eco-friendly policies and added, “Hyundai Motor Group will actively contribute to the hydrogen infrastructure and mobility sector in Brazil.”

Executive Chair Chung said, “Hyundai Motor Group is pushing for a rapid electrification strategy that encompasses electric and hydrogen vehicles to achieve zero carbon emissions, and hydrogen energy is a key means of responding to climate change and an important resource to complement electrification.”

Executive Chair Chung also explained Advanced Air Mobility (AAM), in which the Group is seeking to expand its market and secure technological competitiveness as part of securing future mobility leadership, and Small Modular Reactor (SMR), which the Group is accelerating the development of as a stable power source.

The Group will aim to solidify itself as a leading EV brand in the Brazilian market, where competition for eco-friendly mobility will intensify, while actively pursuing growth measures for a new leap forward in the Brazilian market in ways such as seeking business opportunities using the Group’s advanced hydrogen technology.

It will also launch the Kia EV5, which is scheduled to be mass-produced this year, and continue to expand its Brazilian electrification lineup. Also, as part of the response to the Green Mobility Innovation Program, a Brazil-optimized powertrain for hybrid FFV (Flexible-Fuel Vehicle)_^[1] will be developed.

The Group will also actively pursue growth in business opportunities using the Group’s advanced hydrogen technology and will expand its global hydrogen network to Latin America, focusing on Brazil, which is leading the renewable energy market in the region.

The Group plans to discover new businesses such as exploring new markets for hydrogen commercial vehicles and supplying hydrogen fuel cell systems while strengthening its cooperative networks among the Group affiliates to create a hydrogen ecosystem and actively create new businesses using hydrogen in Brazil and Latin America.

To this end, an organization dedicated to the hydrogen business in Latin America was established in Brazil last year and is actively exploring the hydrogen market.

The Group is leading the global hydrogen mobility ecosystem by continuing to develop various technologies and invest continuously throughout the entire stage of the hydrogen value chain. At CES 2024, the Group presented its vision for a hydrogen-powered, software-driven transformation beyond mobility applications under the theme of ‘Ease Every Way.’

The Group is also carrying out social contribution activities for the Brazilian community. The Group has been running the Sorisso Cidadao program for 10 years, which provides free dental services to more than 70,000 children and security officials in Piracicaba City. The Group is also providing science and coding classes to students in Piracicaba City public schools.

In addition, the Group is also conducting the IONIQ Forest Campaign as well as joint research with local institutions, including the University of São Paulo to restore tropical forests.

Following the meeting with President Lula, Executive Chair Chung met with university officials, including Carlos Gilberto Carlotti, Jr., president of the University of São Paulo, to discuss ways to foster talent in eco-friendly fields and cooperate with industry.

“Hyundai Motor Group aims to resolve energy inequality through hydrogen energy and speed up the transition to a hydrogen society,” said Executive Chair Chung. “We hope to lead Brazil’s clean energy market through close cooperation with the University of São Paulo, which has a high level of competitiveness in various eco-friendly fields.”

Whenever visiting other countries, Executive Chair Chung has spent time meeting with presidents of major local universities to have in-depth conversations.

Last year, he also met with the president of Georgia Tech in the U.S. and the president of Hanoi National University in Vietnam to discuss how to secure future technologies, foster and discover outstanding talent, and promote industry-academic cooperation in new businesses.

Meanwhile, Executive Chair Chung also plans to visit Hyundai Motor’s Brazilian plant to check on production sites and the current status of Latin American businesses as well as mid- to long-term eco-friendly mobility strategies.

^[1] *Hybrid FFV: Eco-friendly vehicle equipped with hybrid system in FFV (Flexible-Fuel Vehicle) that uses fuel mixed with ethanol or methanol and gasoline