Hyundai Motor expands aggressively in the hydrogen energy business
On March 11, Hyundai Motor announced that the company plans to build a new hydrogen fuel cell system factory in South Korea, which is scheduled to start operation in 2028. If the plan is implemented, the hydrogen fuel cell systems produced at the new factory can be used for the Nexo hydrogen fuel cell electric vehicle, the hydrogen-powered Elec City bus, and hydrogen trucks. Currently, Hyundai Motor already operates a hydrogen fuel cell system factory in China, which has an annual production capacity capable of supplying fuel cells for 6,500 hydrogen-powered commercial vehicles.
Hyundai Motor's hydrogen energy strategy began in 2021 when it established its first overseas hydrogen fuel cell factory in Guangzhou, China. The initial annual production capacity was 6,500 sets, and the company plans to increase global production capacity to 700,000 sets by 2030. The new factory will serve the domestic South Korean market and produce core systems for the Nexo hydrogen fuel cell vehicle, the Elec City hydrogen-powered bus, and hydrogen trucks.
Currently, the global sales volume of the Nexo model accounts for 59% of the hydrogen fuel cell passenger vehicle market. With the commissioning of the new factory, Hyundai will cover a diverse range of application scenarios from passenger vehicles to commercial vehicles, ships, and power generation equipment. In addition, Hyundai plans to launch a new generation of Integrated Modular Architecture (IMA) in 2025 to further reduce the cost of hydrogen energy systems and enhance compatibility.