Hyundai Motor Co. said Saturday it will produce hydrogen fuel-cell electric commercial vehicles in its Chinese plant to make inroads into the local electric vehicle market.
In the China EV100 Forum held in Beijing from Jan. 10-12, Executive Vice President Lee In-cheon, head of Hyundai‘s Commercial Vehicle Business Division, unveiled the plan.
In August last year, the Hyundai executive said the hydrogen commercial car production plan will begin in 2023 if the company makes the decision.
Sichuan Hyundai Motor Co., a 50:50 joint venture set up between Hyundai Motor and Sichuan Nanjun Automobile Group Co. in 2012, is expected to be in charge of the hydrogen commercial car production.
Hyundai produces 1.05 million vehicles, in China, the world’s biggest automobile market, out of its overall vehicle production of 3.74 million units.
Meanwhile, Hyundai aims to sell 10,100 Nexo hydrogen passenger cars mainly to public organizations and companies this year, sharply up from 4,194 units it sold last year.
To take the lead in the hydrogen vehicle market, Hyundai announced in late 2018 its plan to invest 7.6 trillion won for partnerships with auto parts companies, research and development activities and facility expansion by 2030.
Hyundai aims to establish a production facility capable of rolling out 50,000 hydrogen-powered vehicles a year by 2030. It also targets selling 200,000 hydrogen fuel cell systems a year in global markets by the same year.
The number of Nexo vehicles sold outside the country totaled 1,015 units in the past two years.
In 2019, South Korea claimed a 52-percent share of the global hydrogen fuel cell electric market, followed by the United States with a share of 29 percent, Japan with 9.7 percent and Europe with 6.5 percent, the statement said.