FAR EAST: SOUTH KOREA REPORT
The Hyundai Motor Group has announced its “Hydrogen Vision 2040,” which states that 2040 will be the first year of the popularization of hydrogen energy. The company plans to launch new models of all commercial vehicles, including heavy-duty trucks and buses, with hydrogen-electric and electric vehicles. The goal is to reduce the price of hydrogen-electric vehicles to the level of general electric vehicles by 2030 by developing a next-generation hydrogen fuel cell system that is inexpensive and has good performance.
The Hyundai Motor Group will not launch any new commercial vehicles powered by internal combustion engines in the future. It plans to mass-produce hydrogen-electric trucks in the country in the first half of next year and plans to apply hydrogen fuel cells to all of its commercial vehicle lineup by 2028.
Hyundai Motor Group also plans to make a full-scale entry into the European market for medium- and heavy-duty commercial vehicles, which is estimated to reach 400,000 units per year. For this purpose, it is also developing a 5 to 7 meter-long hydrogen fuel cell purpose built mobility (PBV). With this PBV in the forefront, the company plans to capture the global light commercial vehicle market, which is expected to reach 7 million units by 2030.
Source: The Korea Economic Daily
PSR Analysis: Hyundai’s hydrogen fuel cell truck, the “EXCENT,” is gaining recognition as a hydrogen fuel cell truck. The company has already delivered 1,000 units to Switzerland and has a proven track record. The characteristics of fuel cells, such as long cruising range and short charging time, are highly compatible with commercial vehicles. There are still two major issues that need to be addressed, namely infrastructure development and high initial costs, but if these two concerns can be cleared, the strategy of using fuel cells for large commercial vehicles such as trucks and buses makes sense. First and foremost, FCVs require a proven track record, and in this respect, Hyundai Motor is steadily climbing the ladder. I predict that there is a good chance that other truck and bus manufacturers will follow suit. PSR
Akihiro Komuro is Research Analyst, Far East and Southeast Asia, for Power Systems Research
