South Korea's Hyundai Motor Group and its suppliers will invest 7.6 trillion won ($6.7 billion) in the research and development, and expansion of facilities for hydrogen fuel cell electric vehicle (FCEV) production, the company said in a press release on Tuesday.
MOSCOW (Pakistan Point News / Sputnik - 11th December, 2018) South Korea's Hyundai Motor Group and its suppliers will invest 7.6 trillion won ($6.7 billion) in the research and development, and expansion of facilities for hydrogen fuel cell electric vehicle (FCEV) production, the company said in a press release on Tuesday."The 'FCEV Vision 2030' roadmap will help Hyundai Motor Group and its suppliers invest approximately KRW 7.6 trillion in R&D and facility expansion, which is expected to create approximately 51,000 jobs by 2030," the statement said.
According to the statement, the company is planning to increase its annual fuel cell systems production capacity to 700,000 by 2030, supplying them to automobile, drone, boat, rolling stock and forklift manufacturers.
Hyundai has one factory with an annual fuel cell system output of 3,000 units. The company is now planning to increase its capacity to 40,000 units by 2030 by launching a second plant, the groundbreaking ceremony for which was held on Tuesday.
The automobile company also noted that, according to a study by McKinsey&Company, some 5.5-6.5 million fuel cell system units will be needed globally by 2030.
