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Hydrogen trucks

Hyundai Motor eyes entry into China’s hydrogen truck market, signs MOU

Nov 04, 2020 (Gmt+09:00)

Hyundai Motor Co. has signed two initial agreements with several Chinese companies toward establishing business platforms for hydrogen trucks in China, the world’s largest auto market.

Hyundai, South Korea’s largest automaker, said on Nov. 4 that the deals will pave the way for the company’s project to sell as many as 27,000 hydrogen-fueled commercial vehicles by 2030 in China, which aims to have one million hydrogen vehicles on its roads by that time.

The Korean automaker said it signed on Oct. 27 a memorandum of understanding with Shanghai Electric Power Co., Shanghai Sunwise Energy Systems Co. and CPI Ronghe Financial Leasing Co. to build a business platform in the Yangtze River Delta region.

Hyundai Motor's XCIENT Fuel Cell hydrogen truck

Under the initial agreement, the companies will roll out at least 3,000 hydrogen fuel-cell electric trucks in the region over the next five years.

Shanghai Electric Power will build a hydrogen production facility, while Shanghai Sunwise Energy will construct hydrogen fueling stations. The third Chinese company will provide financing services, according to Hyundai.

Separately, Hyundai Motor signed another MOU with Advanced Technology & Materials Co. and HBIS Group to supply over 1,000 hydrogen trucks to the Jingjinji region, known as the Beijing-Tianjin-Hebei economic zone, by 2025.

“China has huge growth potential as a hydrogen vehicle market,” said Lee In-cheol, executive vice president of Hyundai Motor’s commercial vehicle business division. “We plan to build a business cluster that covers not just hydrogen auto sales, but leasing programs and charging stations.”

Hyundai Motor said last month it aims to export 64,000 hydrogen trucks by 2030 to meet rising global demand for eco-friendly cars.

In July, the company shipped 10 XCIENT Fuel Cell hydrogen-powered trucks to Switzerland. Hyundai plans to deliver an additional 40 such vehicles to the European country by the end of this year.

Hyundai’s XCIENT is the world’s first mass-produced fuel cell electric heavy-duty truck.

In September, Hyundai shipped four hydrogen-powered vehicles — two Nexo crossover SUVs and two fuel-cell Elec City buses — to Saudi Arabian Oil Co. (Aramco), the world’s largest oil producer.

Write to Sun A Lee at suna@hankyung.com

In-Soo Nam edited this article.

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