Hyundai Motor Group plans to popularize hydrogen by 2040 through the introduction of new technologies and mobility solutions in transportation and other industrial sectors.
Hyundai unveiled unprecedented plans that will see the electrification of all new commercial vehicle models – featuring fuel cell electric or battery electric powertrains, as well as the application of fuel cell systems – to all models by 2028.
Since the development of its first FCEV in 1998, Hyundai has been preparing for the future of hydrogen. In 2013, the Tucson FCEV (ix35 Fuel Cell) was introduced, opening the door to the mass production of FCEVs. Then, in 2018, the company launched the next-generation fuel cell SUV, NEXO, and the world’s first heavy-duty fuel cell truck, XCIENT Fuel Cell, in 2020. Now, the company is backing hydrogen to play a significant role in building a sustainable future and reducing society’s dependence on fossil fuels. After two decades at the forefront of fuel cell technology development, the Group will expand its fuel cell technologies for wider applications of its vehicles, including additional mobility solutions and various energy utilization.
To achieve this, Hyundai is planning to introduce a new generation fuel cell system in 2023 that realizes a reduced price and volume with significantly improved durability and output. Through ongoing R&D gains, Hyundai’s engineering teams have been able to reduce fuel cell costs drastically over the last 20 years. By ensuring price competitiveness, the company’s goal is to achieve a fuel cell vehicle price point comparable to a battery electric vehicle by 2030.
The Hydrogen Council, a global CEO-led initiative of leading energy, transport, industry and investment companies, estimates that hydrogen energy will account for 18 percent of global energy demand by 2050, with a market size of USD 2.5 trillion.Â