SEOUL, April 15 (Yonhap) -- Hyundai Motor Co., South Korea's biggest carmaker by sales, said Monday that it has set up a joint venture with Swiss hydrogen company H2 Energy to gain a share in Europe's environment-friendly commercial car market.
At the Korean carmaker's headquarters in Seoul, Hyundai Motor and H2 Energy signed a deal to establish the JV, 'Hyundai Hydrogen Mobility,' in Switzerland, Hyundai said in a statement.
The joint company aims to sell 1,600 hydrogen-powered trucks in Switzerland and other European nations by 2025, it said.
Hyundai's hydrogen trucks will be competing with battery-powered models from Tesla and Daimler.
Hydrogen trucks are better positioned than battery rivals to woo customers. They do not carry heavy batteries that reduce cargo capacity, do not require longer charging times and boast of a longer travel range of up to 400 kilometers, Hyundai said.
(News Focus) Money-losing e-commerce operators face critical test in S. Korea
3D Factory dreams of oasis in virtual reality
With Asiana Airlines on selling block, funding remains key to success
(News Focus) Focus of 5G race shifts from being 'first' to 'best'
Naver LABS targeting context-based AI service, robots: CEO