Hyundai Motor Group is aiming to become the world’s first automaker to power all its commercial vehicle models with fuel cell systems by 2028 as it seeks to popularise hydrogen vehicles by cutting the cost of the technology.
The announcement came as the South Korean conglomerate ratchets up its shift from petrol engines to batteries and hydrogen power to meet the growing demand for vehicles with cleaner fuels.
Hyundai, which together with affiliate Kia is the world’s fifth-largest automaker, has invested heavily in developing hydrogen technology in the hope that it will prove more popular than electric power in the transition from petrol and diesel vehicles.
The carmaker said on Tuesday that it would introduce next-generation fuel cell systems in 2023 while slashing costs more than 50 percent, to bring prices in line with those of electric vehicles by 2030.
Hyundai said its “daring strategy” would put it “at the vanguard of the commercial vehicle sector, in the process helping to reshape the industry and realize a sustainable clean future”.
The company outlined a goal of cutting carbon emissions for its global products and operations by 70 percent by 2040, and of reaching carbon neutrality by 2045.
Hyundai, which has more than two decades of experience in fuel cell system development, is also accelerating the development of hydrogen-powered engines for ships, drones and aircraft.