Hyundai Motor to build hydrogen fuel cell plant in China: sources

Hyundai Motor Co. is in talks with a Chinese firm to form a joint company for the construction of its first overseas hydrogen fuel cell systems plant in Guangzhou this year as it seeks to enter the Chinese hydrogen market.

South Korea's biggest carmakers recently obtained government approval for the investment plan.

Hyundai is expected to announce the plant as early as this month.

Hydrogen technologies are regarded as one of South Korea's core technologies.

South Korea's Ministry of Trade, Industry, and Energy, which approved the plan, expects the hydrogen fuel cell systems plant to pave the way for Hyundai Motor to increase its exports to China.

Hyundai recently launched a fuel cell system brand, dubbed HTWO, which stands for the hydrogen molecule H2. The company aims to sell 700,000 hydrogen fuel cells in global markets in 2030.