Hyundai signs MOU for commercial car business in China

SEOUL, Nov. 8 (Yonhap) -- Hyundai Motor Group said Tuesday it has signed an initial pact with a Chinese investment bank to push forward its commercial car business in the world's biggest automobile market.

Hyundai Motor Group China has signed a memorandum of understanding with the CICC Capital Management (CCM) department, an affiliate of the China International Capital Corp. (CICC), to make a presence in the Chinese environment-friendly commercial vehicle market, the company said in a statement.

Hyundai aims to sell its eco-friendly commercial cars to China's government agencies and companies as local authorities seek to provide 1 million hydrogen-powered vehicles by 2035, it said.

The company plans to introduce its electric trucks equipped with its hydrogen fuel-cell system built in the HWO Gwangzhou hydrogen fuel-cell systems plant as early as next year.

It aims to initially produce 6,500 hydrogen fuel-cell system units a year at the HWO Gwangzhou plant.

The HWO plant is Hyundai's first overseas hydrogen fuel-cell systems plant. It currently operates one such domestic plant and plans to build the plants in Europe and the United States.

In its broad hydrogen road map, Hyundai aims to produce 500,000 hydrogen vehicles and 700,000 hydrogen fuel-cell systems by 2030 to cement its leading status in the global hydrogen vehicle market.

kyongae.choi@yna.co.kr
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