Asia Tech Wire (Feb 23) -- South Korea's Hyundai Motor Group has pledged to invest $1.1 billion by 2032 in green and future technologies by its Brazilian subsidiary and local partners.

Euisun Chung, executive chairman of Hyundai Motor Group, visited Brazil, Latin America's largest economy, and met with Brazilian President Lula at the latter's office on Thursday.

During the meeting, Chung explained to Lula Hyundai's electrification strategy, which includes electric and hydrogen-powered vehicles, in order to achieve zero carbon emissions, according to several Korean media reports.

He stressed that hydrogen energy is a key tool in the fight against climate change and an important resource to complement electrification efforts.

Chung said he believes that the Advanced Air Mobility (AAM), which Hyundai is promoting, is the future of transport in line with Brazil's transport environment, and hopes that the two sides can look for opportunities for cooperation in the field of Small modular reactors (SMRs).

Hyundai plans to continue to explore new projects in Brazil such as commercialized hydrogen fuel cell vehicles and hydrogen fuel cell system supply, thereby expanding the global hydrogen network coverage to Central and South America.