Hyundai Motor Group will pour almost $7bn into developing hydrogen-powered systems for cars, drones and ships as it doubles down on an emerging technology that has divided the automobile industry.
The latest move is much more ambitious, with the group committing Won7.6tn ($6.7bn) over the next 10 years to boost production of fuel-cell systems and engines to 700,000 units. Hyundai Motor currently has an annual production capacity of 3,000 hydrogen cars. Euisun Chung, the de facto head of the group, said on Tuesday that the investment was aimed at promoting a “hydrogen society”.
