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On Tuesday, Hyundai revealed an ambitious investment plan of ₩7.6 trillion KRW (approximately $6.75 billion USD) aimed at advancing hydrogen fuel cell technology, under a program named “FCEV Vision 2030.”
Hydrogen fuel cells function by combining hydrogen with oxygen from the atmosphere, producing energy that can be converted into electricity, with only water as a byproduct. Hyundai envisions that the fuel cells developed through its FCEV Vision 2030 initiative will contribute to establishing a “hydrogen society,” where various vehicles, from drones to trains, will utilize hydrogen fuel cells for their energy needs. This announcement was made during the inauguration of a new fuel cell manufacturing facility in Chungju, South Korea.
The new plant will be managed by Hyundai affiliate Mobis, with the aim of increasing production from 3,000 fuel cells annually to 40,000 by 2022. By 2030, Hyundai Mobis anticipates that up to 6.5 million fuel cells will be in use globally, with plans to manufacture 700,000 cells each year, of which 500,000 will be designated for fuel cell electric vehicles (FCEVs) like the Hyundai Nexo, expected to debut in California later this year.
Hyundai estimates that owning its fuel cell vehicles will result in a 10 percent reduction in costs compared to conventional transportation options. Additionally, the company forecasts the creation of 51,000 jobs associated with its fuel cell initiatives.
“Hyundai Motor Group, a leader in commercial FCEV production, is making a significant advancement towards a hydrogen society,” stated Euisun Chung, Executive Vice Chairman of Hyundai Motor Group. “We aim to expand beyond just the automotive sector and contribute significantly towards the global shift to clean energy, making hydrogen a cost-effective energy source. We are confident that hydrogen power will lead not only in transportation but will also emerge as a significant player in the global economy.”
Hyundai has not clarified whether its existing plans to refine internal combustion engines under the SmartStream program will be influenced by this new strategy—The Drive has reached out to Hyundai for more information and will provide updates once available.
Hyundai is not the only manufacturer promoting fuel cell electric vehicles (FCEVs); Toyota, for instance, markets the Mirai FCEV in regions with established fuel cell infrastructure and aims to broaden its lineup to include commercial FCEVs such as trucks and buses. If Hyundai continues to balance its FCEV Vision 2030, SmartStream, and electric vehicle initiatives, it should be well-positioned to produce vehicles with the most effective propulsion technology.
Other manufacturers focusing exclusively on one type of powertrain technology risk being caught off-guard; meanwhile, Hyundai appears to maintain a robust position despite diversifying its resources across multiple technological areas. Its electric Kona crossover, slated for release in 2019, is expected to be among the most efficient electric vehicles available, providing Hyundai a competitive edge in the evolving landscape of EV development.
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