Source: Korea JoongAng Daily
Hyundai Mobis plans to invest 1.3 trillion won (approx. US$1.1 billion) by 2025 to build two hydrogen fuel cell system plants in South Korea, one in Incheon and the other in Ulsan, according to Korean media reports. South Korean President Moon Jae-in attended the groundbreaking ceremony for the company's Incheon plant on Oct. 7.
The two plants are expected to achieve mass production in the second half of 2023, with an annual capacity of 100,000 units, according to the report. The fuel cell systems produced will be used in Hyundai's new fuel cell vehicle (FCEV) model, which it plans to launch in 2023.
Hyundai Mobis is Hyundai Motor's automotive parts manufacturing subsidiary and the exclusive supplier of fuel cell systems for Hyundai's fuel cell vehicle Nexo, which has sold nearly 20,000 units since its launch in 2018.
Hyundai Plans to Build 2 Fuel Cell Plants in Korea