Hyundai Motor Group is expanding its hydrogen fuel cell business in China. The goal is to supply 700,000 fuel cell systems every year to the global market 10 years later. To this end, it was judged that production and sales of products in China, the largest demand country for hydrogen electric vehicles, were urgent.
On the 15th, Hyundai Motor Group announced that it has signed an investment contract to establish a hydrogen fuel cell system production and sales corporation with the government of the Guangzhou Development Zone in Guangzhou City, Guangdong Province, China. The event was attended by Rin Keqing, the growth of the Guangdong Provincial Department of Commerce, Huhong, Vice Mayor of Guangzhou City, Lee Kwang-guk, head of Hyundai Motor Group’s China business, and Lee Hyuk-jun, vice president of Hyundai Motor Group’s China Limited Corporation (Executive Vice President).
Production of Nexo fuel cells in China on’Hydrogen Drill’
Hyundai Motors China’s hydrogen fuel cell system production base is expected to become the fourth global production base after Korea, Europe and the United States. Construction of this place starts at the end of next month and production begins in the second half of next year. The target production is 6,500 units per year. Its main product is the fuel cell that is mounted on the hydrogen electric vehicle’Nexo’. Hyundai Motor Company plans to gradually expand its supply capacity in response to the Chinese central government’s policies and market conditions.
The local subsidiary in China will be established with a 100% stake in Hyundai Motor Group. The company signed a business agreement (MOU) with the Guangdong provincial government in December 2019 to establish a local subsidiary, conducted pre-market research and site selection for the construction of production facilities, and until recently coordinated detailed plans.
The Chinese government is actively attracting overseas companies to develop hydrogen electric vehicle technology and foster related industries. Toyota, Japan, which built a hydrogen charging station in Jiangsu Province, China in 2017, is pushing for market entry through cooperation with local companies. In addition, leading global companies such as Canada’s Ballard Power System, Germany’s’Bosch’,’SFC Energy’, and the UK’s’Cerres Power’ also quickly entered the Chinese market.
The reason the industry wants to enter China is simple. It is in contact with China’s policy to foster hydrogen electric vehicles. The Chinese government is promoting the supply of 1 million hydrogen electric vehicles in 2035 with the vision of ‘Hydrogen excavation.’ In the’Energy Saving and Eco-Friendly Vehicle Technology Roadmap 2.0′ announced in October last year, the China Automobile Engineering Society said, “By 2035, the sales of energy-saving vehicles such as hybrids and new energy vehicles such as pure electric vehicles and hydrogen electric vehicles are each 50% It should be,” he suggested.
“Global supply of fuel cell systems to 700,000 units per year in 2030”
With the establishment of a production base in China, Hyundai Motor Company aims to further expand its global business and supply about 700,000 hydrogen fuel cell systems to the world by 2030 per year. To this end, starting with the fuel cell technology partnership with Audi in 2018, we are exporting an eco-friendly powertrain joint development agreement with Cummins in the United States in 2019 to European hydrogen storage technology companies and energy solution startups from last year.
An official of the company said, “It is meaningful to establish the first overseas production base for fuel cells in China, which promotes hydrogen, and solidify its position as a leading company in this field.” “From this year to 2025, China’s ’14th Five-Year Economic Development Plan ‘As this is in progress, it is expected that the expansion of the spread of eco-friendly cars will also accelerate.’
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“Based on technological competitiveness, we will directly participate in various hydrogen industry development pilot projects promoted by Guangdong Province through mutual cooperation with major Chinese companies.” “We will be able to secure a stable sales base from the beginning of local corporation establishment. I expect it to be,” he said.
In addition, he said, “In Korea, we are investing a total of 7.6 trillion won to build a broad hydrogen industry ecosystem according to the’FCEV (hydrogen electric vehicle) vision 2030′ announced in 2018, as planned.” , “We will continue to strengthen our world-class technological advantage by expanding our lineup of next-generation hydrogen fuel cell systems such as lightweight, high-density systems.”