SEOUL, Jan. 5 (Yonhap) — Hyundai Motor Co., South Korea’s biggest carmaker, will build its first overseas hydrogen fuel cell systems plant in China as it seeks to enter the local hydrogen market, industry sources said Tuesday.
Hyundai Motor aims to build the hydrogen fuel cell systems plant in Guangzhou within this year as it has recently obtained government approval for the investment plan, a person familiar with the matter said over the phone.
“Hyundai Motor is in talks with a Chinese company to form a joint company for the construction of the plant. Hyundai is expected to announce the plant as early as this month,” he said.
Hyundai didn’t confirm the investment plan.
The Ministry of Trade, Industry and Energy reviewed the impact of hydrogen fuel cell systems’ exports as the hydrogen technologies are regarded as one of the country’s core technologies, government sources said.
The ministry approved the plan as it judged building a hydrogen fuel cell systems plant will pave the way for Korean auto parts suppliers to increase their exports to the world’s biggest automobile market, they said.
Hyundai recently launched a brand dedicated to its fuel cell system, called HTWO, which stands for the hydrogen molecule H2, and aims to sell 700,000 hydrogen fuel cells in global markets in 2030.