A Move to Preempt North American Market
Hyundai Motor has confirmed its plan to commercialize hydrogen trucks in the U.S. market in 2022. Amid growing suspicions surrounding the technological prowess of U.S. hydrogen carmaker Nicola, Hyundai Motor seems to be making a quick move to dominate the North American hydrogen commercial vehicle market.
Hyundai Motor held a briefing for stock analysts covering automobiles on Sept. 15 to share the current status of technology development and business plans related to hydrogen commercial vehicles.
At the meeting, Hyundai reaffirmed its plan to increase annual hydrogen vehicle production from 11,000 units in 2020 to 40,000 units in 2022, 130,000 units in 2025, and 500,000 units in 2030.
The Korean automaker officially acknowledged that it will adopt a two-track strategy of applying electric vehicle technology to passenger cars and hydrogen car technology to commercial vehicles such as trucks, and start developing large commercial vehicles powered by fuel cells in earnest.
Furthermore, Hyundai Motor will tap into the hydrogen commercial vehicle markets in Europe next year and in the United States and China in 2022, analysts said.
Stock analysts say that investors need to pay attention to Hyundai Motor’s hydrogen commercial vehicle business strategy at a time when Nikola fraud allegations are feeding doubts about new companies.
"We need to pay attention to the fact that Hyundai Motor has strong product reliability compared to Nikola whose credibility was heavily damaged. Hyundai Motor can supply its products immediately," said a researcher at Eugene Investment & Securities.
"The global mid- and large-sized commercial vehicle market is three million units a year, only one-thirtieth of the global passenger car market," said a researcher at Samsung Securities. "Because there are few competitors in the global mid- and large-sized commercial vehicle market, Hyundai Motor will be able to enjoy monopolistic opportunities if it preoccupies the market."