Hyundai Motor Group Aims to Lead Hydrogen Value Chains with Mobis Acquisition
Hyundai Motor Group has set its sights on becoming the world's leading provider of hydrogen value chains. The company has recently acquired the Hyundai Mobis hydrogen fuel cell business, aiming to consolidate its organizational structure for this clean energy source.
Hyundai Motor Group's commitment to hydrogen power is not new. In 2013, it launched the world's first mass-produced hydrogen-fueled vehicle, the Tucson ix35. Since then, the company has been steadily expanding its hydrogen business. In 2021, Hyundai Motor took over the Hyundai Mobis hydrogen fuel cell activities to strengthen its capabilities in hydrogen technology.
The company has already introduced innovative hydrogen-electric vehicles like the XCIENT Fuel Cell Truck, the world's first commercial hydrogen-electric truck, in 2020. Looking ahead, Hyundai Motor plans to launch a new version of its Nexo hydrogen-electric car by 2025 and diversify its hydrogen business portfolio. The company's vision for the complete hydrogen value chain was showcased at the CES tech trade show in January.
With the acquisition of Hyundai Mobis' hydrogen fuel cell business, Hyundai Motor Group is poised to accelerate its research and production development on hydrogen fuel cells. The company sees major upsides in hydrogen energy, including its safety, cleanliness, and high energy density. Hyundai Motor President and CEO, Chang Jae-hoon, has reiterated the company's commitment to expanding its hydrogen business, with strategic collaborators like Cummins and Plug Power.
