Hyundai Motor has signed an agreement with the Guangzhou Development District to establish a new company focused on the production and sale of hydrogen fuel cell power systems for vehicles.
The new company, to be called Hyundai Motor Company HTWO (Guangzhou), will be the automaker's first overseas hydrogen fuel cell production and sales company. Hyundai will also become the first global automaker to establish a hydrogen fuel cell production base in China.
Hyundai will control 100% of the equity in the new company and construction of a manufacturing plant in Guangzhou is scheduled to begin at the end of February 2021.
The facility is expected to begin operations in the second half of 2022 with an initial capacity 6,500 hydrogen fuel cell systems annually – mainly for the redesigned Nexo passenger car.
Hyundai aims to produce up to 700,000 hydrogen fuel-cell systems a year globally by 2030.