Hyundai Motor completes hydrogen business acquisition

(Center) Hyundai Motor President and CEO Chang Jae-hoon explains the firm‘s hydrogen energy vision on the sidelines of CES 2024 in Las Vegas. [Courtesy of Hyundai Motor Co.]

Hyundai Motor Co. has consolidated its hydrogen business, absorbing the operations previously managed by Hyundai Mobis Co.

According to the automaker on Sunday, Hyundai Motor completed the acquisition of facilities, assets, and personnel associated with the hydrogen fuel cell business from Hyundai Mobis in May 2024. Hyundai Mobis had previously overseen hydrogen fuel cell production, while Hyundai Motor focused on research and development.

Hyundai Motor will form new units within its hydrogen fuel cell development center to supervise manufacturing technology and ensure mass production quality. The automaker also aims to enhance competitiveness in technology, quality, and cost within the hydrogen fuel cell sector via the acquisition.

Hyundai Motor‘s HTWO Grid hydrogen fuel cell system

Hydrogen fuel cell systems are known to be critical to the marketability of hydrogen electric vehicles, affecting factors such as pricing and fuel efficiency. Hyundai Motor expects that this integration will facilitate the wider adoption of hydrogen electric vehicles.

To strengthen its position in the hydrogen electric vehicle market, Hyundai Motor plans to introduce a successor to the Nexo model in 2025. The company also plans to diversify its business into non-vehicle sectors such as power generation, trams, ports, ships, and advanced air mobility.

“We will strengthen collaboration within the group to secure the lead in the hydrogen ecosystem, while generating hydrogen from waste sources, developing technology and expanding commercial hydrogen vehicles,” Hyundai Motor‘s Chief Executive Officer Chang Jae-hoon said.