Global automotive supplier Hyundai Mobis announced today plans to invest $1.1 billion to build two hydrogen cell system plants in Korea. When fully operational, the two facilities are expected to produce 100,000 hydrogen fuel cells every year.
Hyundai Mobis stated that with the completion of the new plants, which are expected to start mass production in the second half of 2023, the company aims to expand its production lineups that apply fuel cell systems and diversify its hydrogen business. With most fuel cell systems produced by Hyundai Mobis being used in fuel cell EVs, the company is also planning to expand its business to other sectors including construction machinery and logistics equipment.
Once the plants are completed, Hyundai Mobis will operate a total of three fuel cell plants following the launch of its Chungju Plant in 2018, that is capable of producing approximately 23,000 hydrogen cells every year.
Sung Hwan Cho, President and CEO of Hyundai Mobis, said:
“Despite uncertainties including COVID-19, we have decided to make this large-scale investment to secure the market-leading competitiveness in the global fuel cell industry. We will continue to invest more in facilities and strengthen our R&D capability for the development of the hydrogen industry and expand the ecosystem,”