Hyundai Motor Group is ready to decide the location of a new hydrogen fuel-cell system factory this year, which could be in South Korea or overseas, an executive said on Wednesday.
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The factory will be capable of producing more than 100,000 fuel cell systems, which include the fuel-cell stack and power control unit, annually from around 2024, Jeon Soon-il, a Hyundai Motor Group executive in its fuel cell division, said at a conference in Tokyo on Wednesday.
He declined to name which countries had been shortlisted.
A new factory in Chungju, South Korea, capable of making 40,000 systems a year, will be ready by the end of June, some two and a half years ahead of schedule, Jeon said.
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Hyundai’s current fuel-cell system production capacity is about 12,000 annually, Jeon said.
A spokesman for Hyundai Mobis (012330.KS), the Hyundai Motor Group parts maker unit which makes fuel-cell systems, confirmed that the group is considering a new factory, but details such as location have not been decided.
