Big news from South Korea: Hyundai Group (HMG), the massive industrial conglomerate that owns Hyundai Motor and Kia Motors, is investing £5.5 billion (P362 billion) in a plan called ‘FCEV Vision 2030,’ which will boost production of hydrogen fuel-cell systems to 700,000 units annually by 2030.
Of those units, 500,000 will be hydrogen-fueled commercial and passenger vehicles. HMG expects demand for such vehicles to reach two million units a year by then, and demand for hydrogen fuel cells more generally to reach 5.5 million to 6.5 million units a year. That’s massive.
Only recently, Hyundai released the Nexo, a hydrogen-powered SUV based on the group’s first dedicated fuel-cell platform (read more about it here). Over the next few years, HMG says it will keep developing the Nexo’s powertrain to “upgrade and diversify its fuel-cell system lineup, so it can respond to demands from various industry sectors.”
The plan, which involves building new factories and is expected to create 51,000 jobs, will also see HMG “explore new business opportunities to supply its world-class fuel-cell systems to other transportation manufacturers of automobiles, drones, vessels, rolling stocks, and forklifts.”
Sounds...committed, doesn’t it? Now we just need some more hydrogen filling stations, and we’re all set.
NOTE: This article first appeared on TopGear.com. Minor edits have been made.