Hyundai Mobis to invest USD 1.1bn in hydrogen fuel cell factories

South Korean car parts maker Hyundai Mobis Co Ltd (KRX:012330) will invest USD 1.1 billion (EUR 951m) in the construction of two hydrogen fuel cell system plants in South Korea to beef up its position in the race for hydrogen mobility.

The plants in Incheon, just west of Seoul and Ulsan will begin mass production in the second half of 2023 and will be capable of producing 100,000 hydrogen fuel cells a year, the company said on Thursday, when a groundbreaking ceremony was held for the Incheon facility.

Hyundai Mobis boasts the world’s largest fuel cell production capacity and with the new factories the company aims to expand its market dominance.

The new facilities will add to Hyundai Mobis’ plant in Chungju which has an annual capacity of about 23,000 hydrogen cell systems.

While most of Hyundai Mobis’ fuel cell systems are used in fuel cell electric vehicles (EVs), the company expects to branch into sectors like construction machinery and logistics equipment.

(USD 1 = EUR 0.864)

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