[News Articel] Hyundai to proceed with hydrogen fuel cell project
Hyundai to
proceed with hydrogen fuel cell project
By
Kim Hyun-bin, The Korea Times - Reports said Hyundai Motor Group will drop its
project to move forward with the production of the Genesis hydrogen fuel cell
electric vehicle (FCEV), which caused hydrogen car-related stocks to fall.
However, industry officials said Friday that the country's top automotive
company won't abandon the development of hydrogen FCEVs.
According
to local reports, the research project of the 3rd-generation hydrogen fuel
cell, set to be installed in the Genesis hydrogen car, did not reach its
development goals. They said that the Genesis hydrogen vehicle-development
project has been temporarily delayed, and as a result, the role of the fuel
cell department was significantly reduced through organizational restructuring
and personnel management last month.
Investors
reacted negatively to the reports, with Sang-A Frontec dropping 12.86 percent,
Iljin Hysolus, a hydrogen tank maker and affiliate of Iljin Group, also falling
by 9.87 percent, along with Hyosung Advanced Materials declining 6.94 percent,
and Unique falling 4.69 percent, Doosan Fuel Cell dropping 4.59 percent, and
Kolon Industries falling 3.84 percent retreats, respectively.
"The
hydrogen FCEV project has not been halted but rather delayed, as it encountered
some difficulties during research, but Hyundai has been and will continue to
develop hydrogen FCEVs," a Hyundai Motor official said.
Although
it is true that Genesis hydrogen car development has been delayed, the outlook
is favorable in the automobile industry.
"The
reason Hyundai and Toyota are making their first investments centered on
passenger cars is that they are an intermediate process for achieving the
systematization of materials and parts development and mass production. There
might be some small tweaks in the process, but they will have minimal impact on
the overall hydrogen FCEV growth plan," Han Byeong-hwa, a researcher at
Eugene Investment & Securities, said.
Thoughts
were that it was only a matter of a difference in the speed of project
developments as support for hydrogen vehicles continues with the goal of
achieving carbon neutrality in other countries, including China and the United
States.
"China
is strongly supporting hydrogen cars following electric vehicles. The US will
inject government funds into hydrogen cars as well as the hydrogen industry
from next year. The European Union (EU) countries also made it mandatory to
install hydrogen charging stations every 150km on major roads," Han added.
"Hydrogen cars are in an early stage, like electric vehicles were 10 years
ago. It is necessary to consider future growth rather than economic feasibility
at this point."
Source:
www.koreatimes.co.kr/www/tech/2021/12/419_321471.html?na
2022.01.03
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