South Korean multinational automotive manufacturer, Hyundai, is expanding its business outside of its home country. Where else to take its manufacturing process is not the technologically advanced and cheap China. Today, there were reports that Hyundai Motor plans to build a hydrogen fuel cell plant in Guangzhou, China this year. This will be the company’s first hydrogen fuel cell plant outside of South Korea.
Currently, Hyundai has not confirmed this investment plan. However, the report claims that the company will announce the news of the plant as early as this month. In addition, the report claims that Hyundai Motor is negotiating with a Chinese company to establish a joint venture to build the plant.
Hyundai has always been the main supporter of hydrogen fuel cell technology. Recently, the company launched a fuel cell system brand called HTWO. The company aims to sell 700,000 hydrogen fuel cells on the global market by 2030.
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In September last year, Hyundai Motor stated that it had exported four hydrogen fuel cell systems to Europe. The company also stated that it plans to expand sales of hydrogen fuel cell systems in the global market, including the United States and China.
In terms of passenger cars and commercial vehicles, Hyundai Motor has been exporting hydrogen fuel cell electric vehicles. In 2018, Hyundai Motor Group announced that it would invest 7.6 trillion won ($6.9 billion) in hydrogen-powered vehicle production facilities and related research and development activities by 2030. According to the plan, the group plans to produce 500,000 hydrogen-powered vehicles in 2030.
Hyundai will also make electric vehicles
However, Hyundai Motor has seen Tesla’s global success and plans to follow Tesla in the field of electric vehicles. According to reports, the company has set an ambitious goal for itself to sell 670,000 electric vehicles each year by 2025. This will include 560,000 battery-powered electric vehicles and 110,000 fuel cell electric vehicles.
New energy vehicles include four types: hybrid electric vehicles (HEV), pure electric vehicles (BEV, including solar vehicles), fuel cell electric vehicles (FCEV), and other new energy sources (such as high-efficiency energy storage cars.