What’s new: South Korean auto giant Hyundai Motor Co. plans to set up a wholly-owned hydrogen fuel cell subsidiary in China’s southern city of Guangzhou, the auto company said on Friday.
The plant is expected to produce 6,500 such batteries a year when it come online in the second half of 2022, products which will be used in the Hyundai fuel-cell SUV module Nexo.
What’s the background: Hyundai sold 10,000 Nexo units as of July last year. The company aims to boost its hydrogen fuel cell capacity worldwide to 700,000 by 2030.
The automaker has inked business deals with Chinese enterprises in the Yangtze Delta and Beijing-Tianjin-Hebei regions with goals of selling 3,000 and 1,000 hydrogen fuel cell trucks in each of the areas by 2025.
Contact reporter Lu Yutong (yutonglu@caixin.com)
