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Hyundai Motor Co. signed two separate initial deals with Chinese companies to supply 4,000 hydrogen trucks by 2025 to the companies in the Yangtze River Delta region and the Beijing-Tianjin-Hebei economic zone.
An MOU was signed with Shanghai Electric Power Co., Shanghai Sunwise Energy Systems Co., and Shanghai Ronghe Electric Technology Financial Leasing Co. to supply 3,000 hydrogen fuel-cell electric trucks to the Yangtze River Delta region-based firms.
Hyundai will also work with the three companies in establishing the hydrogen vehicle business platform, ranging from hydrogen production and charging infrastructure to vehicle supply and operation.
Meanwhile, Hyundai's MOU with Advanced Technology & Materials Co. and HBIS Group is for supplying 1,000 hydrogen trucks to the firms in the Jingjinji region, also known as the Beijing-Tianjin-Hebei economic zone.
According to Lee In-cheol, Hyundai Motor's executive vice president in charge of the commercial vehicle business division, the company is planning to set up a 'business cluster' in China, covering hydrogen vehicle sales, lease programs, and charging stations.
Lee sees China as among the hydrogen markets with the most potential.
Hyundai is targeting to sell over 27,000 hydrogen commercial cars by 2030 in China, the world's biggest automobile market, on top of the 25,000 it would export to Europe and 12,000 to the US.
The company is also eyeing to export 64,000 hydrogen trucks by 2030.
Hyundai has begun selling its hydrogen fuel-cell commercial vehicles globally in July, shipping 10 XCIENT Fuel Cell hydrogen trucks to Switzerland.
It is set to deliver 40 additional XCIENTs to Switzerland by December as part of its deal to export a total of 1,600 units to the country by 2025.
