Hyundai will determine the location of the plant for the production of hydrogen fuel cellsFebruary 27, 2020
The Korean automaker is ready to decide on the location of the new hydrogen fuel cell systems plant this year.
The new plant will be able to produce more than 100 thousand elements of hydrogen car systems, including a fuel cell unit and a power control unit. The company can earn as early as 2024.
Currently, Hyundai has not released a list of countries that are considered as the venue for the new venture.
A new plant in Chongju, South Korea, capable of producing 40 thousand systems per year, will be ready by the end of June, about two and a half years ahead of schedule, said Jung Sung-il, head of Hyundai Motor Group. Currently, Hyundai’s total fuel cell production capacity is about 12 thousand per year.
A spokesperson for Hyundai Mobis (012330.KS), a spare parts division for the Hyundai Motor Group that manufactures elements for hydrogen fuel cell vehicles, confirmed that the group is considering establishing a new plant, but details such as location have not been determined.
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