With the intention of building the H-Fuel hydrogen car, Hyundai Motor intends to buy all Sichuan JV shares
If China is the main market for electric and hydrogen cars, it is important for foreign companies to try to enter this market. And it is the Hyundai Motor Group project, which plans to buy all the shares held by its Chinese partner in the joint venture based in Sichuan province within the next year.
In this way, the Sichuan Hyundai Motor will become the first Chinese commercial car manufacturer with foreign investments to achieve full overseas ownership. The move by the South Korean company was born, as confirmed by Yicai Global, with the intention of producing a hydrogen car in the province.
Furthermore, the Hyundai Motor Group would be the second foreign-owned car manufacturer in China after Tesla
To achieve the goal of full ownership, the South Korean company is planning to produce H fuel cars in the southwestern province of China and is seeking partnerships with the local government.
Currently, on the one hand, Sichuan Hyundai Motor is half-owned by Ziyang’s automotive group Sichuan Nanjun Automobile and Seoul-based Hyundai Motor, on the other, according to the data platform of the Qixinbao company, the company mainly produces commercial vehicles, engines and car parts.
In its annual report, Sichuan Hyundai Motor planned the maximum production of its two factories in Ziyang and Chengdu, Sichuan province, for 160,000 units. It sold 2,087 cars from January to August, down sharply compared to the 38,560 units moved in 2016.
The Sichuan provincial government signed a hydrogen-fuel agreement with Hyundai Motor,
Even if the total purchase of the Chinese company is still not certain, Sichuan Hyundai Motor and Hyundai Motor’s commitment to creating a special team to promote the production of H fuel cars and stimulate the creation of refuelling stations is surely a certainty.
As for future technology, Hyundai Mobis at CES presented participants with a vision of how the guide could be in the future. Mobis showed two concept cars at CES, hoping to attract Chinese consumers with its technologies. Incorporating what the company calls “virtual touch space technology” into the operating system, where drivers can control the car through hand gestures.
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