Hyundai has announced new plans to back hydrogen by 2040 and has pledged to sell only electric vehicles (EVs) in Europe from 2035.
The vehicle manufacturer is looking to initiate a ‘hydrogen wave’, citing the Hydrogen Council’s prediction that by 2050 hydrogen will account for 18% of global energy demand and hold a market size of $2.5 trillion (£1.8tn). It also claims hydrogen technology will cut carbon emissions by more than six billion tonnes each year and create 30 million new jobs in the process.
The Hyundai Group has committed to launching new commercial vehicles such as buses and trucks that are either hydrogen fuel cell EVs or battery EVs for the global market.
It is looking to help shift South Korea’s public transportation and logistics systems to hydrogen-based solutions by developing hydrogen vehicles and eventually taking this venture worldwide.
Hyundai aims to produce a hydrogen vehicle price point that is competitive with regular EVs by 2030 and is currently working on new technology to improve the efficiency of fuel cell systems.
Euisun Chung, Chairman of the Hyundai Group, said: “The goal is to make hydrogen readily used for everyone, everything and everywhere.
“We want to offer practical solutions for the sustainable development of humanity and with these breakthroughs, we aim to help foster a worldwide hydrogen society by 2040.”