Hyundai Motor says it needs its rivals to buy its hydrogen fuel cell system to spur global adoption of the technology and help it reach commercial scale as the South Korean company becomes the latest group to overhaul its business model to survive rapid changes in the auto sector. The world’s fifth-biggest carmaker by sales intends to spend Won7.6tn ($6.7bn) over 10 years to develop the technology, which it hopes will prove more popular than electric in replacing petrol and diesel vehicles. “If we do not actively work in the global market, we will be dependent on our own companies’ car sales. Today maybe it is competitive but in the future we cannot grow,” Sae Hoon Kim, head of Hyundai’s fuel cell division, told the Financial Times. The move to supply technology to competitors comes as carmakers look to different business models to hurry the mass adoption of cleaner fuels and boost investment into new supply chains.
FT 2nd June 2019 read more »
