Hyundai Motor breaks ground on $680 million hydrogen fuel cell plant in South Korea
A woman speaks on the phone in front of a Hyundai Motor India Limited's logo during a press conference, ahead of the company's IPO launch, in Mumbai, India, October 9, 2024. REUTERS/Francis Mascarenhas
SEOUL :Hyundai Motor broke ground on a 930 billion won ($654 million) hydrogen fuel cell production facility in South Korea on Thursday, as the automaker steps up efforts to strengthen its leadership in hydrogen-powered mobility.
Hyundai Motor, the world No.3 automaker by sales along with its affiliate Kia Corp, said the facility will produce fuel cells and electrolyzers for a range of applications including passenger cars, commercial trucks and buses, construction equipment and marine vessels.
Construction of the new plant, located in the southeastern industrial city of Ulsan, is expected to be completed in 2027, the company said.
The new plant will cover 43,000 square metres (10.6 acres) on the site of a former internal combustion engine transmission plant, which Hyundai called a symbolic shift that underscores its effort toward future mobility.
($1 = 1,421.4800 won)
