On Dec 23th, 2023, H2 Solution, a joint venture by Hyundai HTWO Guangzhou and two local state-owned companies, announced it delivered 500 FCEVs to commercial operators in Guangzhou, which is a record high in China’s FCEVs deployment.
This 500 FCEVs include logistic vehicles, freezer trucks, road sweeper and buses, it represents a fraction of 1,500 fuel cell system supply order by 2024 according to a MOU between government of Guangdong Province and Hyundai HTWO Guangzhou.
Photo: the signing ceremony of MOU
Hyundai Motor Group announced that Hyundai HTWO Guangzhou, its innovation and manufacturing base of fuel cell system, began commercial operation on June 1, 2023. HTWO Guangzhou is build on a site of 200,000 square meters comprising facilities including a stack factory, a research building, an office building, and an innovation center. The total investment of this plant is 8 billion Rmb ($1.1 billion) and it has a capacity to produce 6,500 hydrogen fuel cell systems annually.
Hyundai Motor Group is expanding its hydrogen business in China in anticipation of a rapid market growth driven by the government. China’s national hydrogen strategy- “Hydrogen Energy Development Medium and Long-term Plan (2021-2035)” announced in 2022 aims to increase the number of hydrogen electric vehicles to 50,000 and annual green hydrogen production to 100,000-200,000 tons by 2025.
However, local governments are far more aggressive than central government. We noticed that Guangzhou government has just issued a municipal hydrogen plan in Dec 22th, 2023, states that Guangzhou will have a FCEVs fleet of 2,500 and 10,000 vehicles by year 2025 and 2030. We believe Hyundai will get the largest piece of cake.
Source: Jian WU, China Hydrogen Bulletin
