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Hyundai Motor Group Reveals ‘FCEV Vision 2030’ to accelerate the Development of a Hydrogen Economy

Hyundai Motor Group has announced its roadmap to accelerate the development of a hydrogen society, with its ‘FCEV Vision 2030’ leveraging the group’s global leadership in fuel-cell technologies.

 

Aligned with the roadmap, the Group – which includes Hyundai Motor Company and other affiliates – will drastically boost its annual fuel-cell systems production capacity to 700,000 units by 2030. This includes exploring new business opportunities to supply its world-class fuel-cell systems to other transportation manufacturers, such as for automobiles, drones, shipping, railway rolling stock, and forklifts. Demand for fuel-cell systems from sectors beyond transportation, such as power generation and storage systems, is also expected to emerge quickly.

 

“Hyundai Motor Group, the global pioneer of the commercial production of FCEV, is taking a bold

step forward to expedite the realization of a hydrogen society,’’ said Euisun Chung, Executive Vice

Chairman of Hyundai Motor Group. “We will expand our role beyond the automotive transportation

sector and play a pivotal role in global society’s transition to clean energy, by helping make hydrogen

an economically viable energy source. We are confident that hydrogen power will transcend the

transportation sector and become a leading global economic success.”

 

The ‘FCEV Vision 2030’ roadmap will help Hyundai Motor Group and its suppliers invest

approximately KRW 7.6 trillion (US$ 6.8 billion) in R&D and facility expansion, which is expected to create

approximately 51,000 jobs by 2030.

 

The Group plans to secure a 500,000-units-a–year FCEV production capacity by 2030, including

passenger vehicles and commercial vehicles, in anticipation of high demand for global FCEVs

expanding to around 2 million units a year within that timeframe.

 

As the first step to fulfill the ‘FCEV Vision 2030’, HMG’s fuel-cell system manufacturing affiliate

Hyundai Mobis Co. has broken ground on its second fuel-cell system plant in Chungju, South Korea. The second factory will help Mobis increase annual fuel-cell system output to 40,000 units by 2022, up from the current 3,000 units.

 

The Group’s flagship auto-making affiliate, Hyundai Motor Company, earlier this year launched NEXO, its

second-generation commercialized FCEV, improving upon the acclaimed Tucson FCEV introduced

in 2013. NEXO was built on Hyundai’s first dedicated fuel-cell vehicle architecture, which provides

many structural benefits including lighter weight, increased cabin space and improved fuel-cell

system layout.

 

The Group plans to further advance the fuel-cell system used in NEXO models to upgrade and

diversify its fuel-cell system line-up, so it can respond to demands from various industry sectors.

In December, Hyundai Motor Group established a dedicated division to develop and support fuel-cell

system businesses.

 

The Group’s proprietary fuel-cell system combines hydrogen fuel with oxygen taken from the air to

produce electricity. Without combustion, the system only emits water as a by-product whilst also

purifying polluted air, making it the ultimate source of clean energy.

 

With high energy density and ease of stack refueling, hydrogen would help reduce the

comprehensive ownership costs by about 10 percent for all possible transportation including

railway rolling stock, marine vessels and forklifts, according to a study by McKinsey & Company. The study also estimates that approximately 5.5 million~6.5 million fuel cell system units will be required by 2030

globally.

 

Hyundai Motor Group is the only company to establish a dedicated plant for commercial production of fuel cell systems. With the construction of an additional fuel cell plant, Hyundai can quickly target market

success on a global scale.

 

The Hydrogen Council, a global initiative of leading energy, transport and industry companies

including Hyundai Motor, predicts the annual demand for hydrogen would increase tenfold by 2050,

thereby creating diverse opportunities for sustainable economic growth.

 

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