According to the company's investment plan, it will set up two separate plants to produce about 500,000 fuel-cell electric vehicles powered by hydrogen gas as an energy source and 700,000 fuel cell units in 2030.
"Hyundai Motor Group, as a pioneer, is producing commercial hydrogen fuel cell vehicles for the first time in the world," Yonhap South Korea's Yonhap news agency quoted Hyundai Ioy-Sun, executive vice president of Hyundai, as saying.
Along with hydrogen cars, it has taken another step towards making hydrogen energy a major source of energy for local communities. "
Today, Chong attended the ceremony to lay the foundation stone of the second fuel cell production plant in Chongyu City, 150 kilometers south of Seoul.
Hyundai currently owns one fuel cell production plant with a capacity of 3,000 units, which is mainly used in its hydrogen vehicles such as NEXO.
At the same time, Hyundai plans to sell about 200,000 fuel cell units out of the 700,000 units the new plant will produce to rival car companies as part of its strategy to diversify its sources of income.
The company expects the sales of hydrogen fuel cell units to reach between 5.5 million and 6.5 million units per year by 2023, which will result in a 10 percent reduction in maintenance costs for trains, ships and cranes in the same year, the company said.