Hyundai Motor Co. is set to boost its hydrogen energy ambitions by acquiring the fuel cell business of Hyundai Mobis Co., its auto parts-producing sibling, in a strategic move valued at 217.8 billion won ($164 million). This acquisition underscores the South Korean automotive giant’s commitment to hydrogen as a pivotal growth vector. By taking over Hyundai Mobis’s fuel cell factory in Chungju and related research and development resources, Hyundai Motor consolidates its role in the hydrogen fuel cell vehicle (FCEV) market. Hyundai Mobis, recognized for its fuel cell stacks and systems essential for generating electricity in FCEVs, complements Hyundai Motor’s existing hydrogen vehicle production. The transaction not only streamlines the production process from clean hydrogen energy to vehicle manufacturing but also centralizes Hyundai Motor Group’s R&D efforts in hydrogen technology under one umbrella.
Despite a recent dip in global fuel cell vehicle sales, with a 30% decline to 14,451 units in 2023, Hyundai remains optimistic about the hydrogen market’s potential. The company continues to innovate, evidenced by its showcase of future hydrogen technologies at CES 2024 and plans to launch a new hydrogen FCEV model as a successor to its flagship NEXO. Concurrently, Hyundai Mobis will shift its focus towards electrification components, gearing up for the evolving EV and software-defined vehicle landscape. This strategic realignment within the Hyundai Motor Group illustrates a robust commitment to leading the charge towards a sustainable automotive future.
