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Hyundai takes over Mobis' hydrogen fuel cell business

By Moon Joon-hyun

Published : Feb. 16, 2024 - 18:35

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Hyundai's Digital Curated Experience exhibited at CES 2024 last month is a hydrogen-powered personal mobility platform that offers customized services. (Hyundai Motor Group) Hyundai's Digital Curated Experience exhibited at CES 2024 last month is a hydrogen-powered personal mobility platform that offers customized services. (Hyundai Motor Group)

Hyundai Motor Company has acquired a hydrogen fuel cell business from the group's affiliate and auto parts supplier Hyundai Mobis at 217 billion won ($163 million) to consolidate the group's hydrogen energy efforts.

The agreement, finalized on Friday, includes a complete transfer of assets, personnel, and operations related to Hyundai Mobis' domestic hydrogen fuel cell activities to Hyundai Motor Company.

Hyundai Motor Group is streamlining its operations by focusing its hydrogen business expertise on Hyundai Motor Company, known for manufacturing hydrogen fuel cell vehicles such as the Nexo SUV, Xcient truck, and the Elec City and Universe buses. This move aims to enhance the group's competitiveness and efficiency in the rapidly growing hydrogen fuel cell technology sector.

Hyundai Motor Company has been extending its global footprint by establishing fuel cell system production bases overseas, innovating in clean hydrogen production from food waste, and expanding the hydrogen refueling infrastructure.

Hyundai Mobis, formerly responsible for producing crucial components like fuel cell stacks and integrated powertrain modules, will now direct its focus towards the electrification components sector. This realignment is expected to bolster Hyundai Motor Group's hydrogen value chain vision, which spans hydrogen production, storage, transportation, and utilization.

Hyundai Motor Group officials also mentioned that the initiative extends beyond vehicles to include the development of hydrogen application for trams, ships, and Advanced Air Mobility in broader efforts to diversify its business portfolio.