"Hydrogen is the Future" Jeong Eui-sun's Hydrogen Leadership in Focus

Hyundai Motor Group Started Developing Hydrogen Fuel Cells in 1998
Opened the Hydrogen Car Era with Nexo in 2018

Chung Euisun, Chairman of Hyundai Motor Group

[Asia Economy Reporter Changhwan Lee] As major domestic companies are increasingly entering the hydrogen industry, the leadership of Hyundai Motor Group and Chairman Chung Euisun, who have identified hydrogen as a future growth engine and expanded related businesses for over 20 years, is drawing attention.

Hyundai Motor Group officially entered the hydrogen business starting with the development of hydrogen fuel cells in 1998. In 2010, it succeeded in modularizing core components of hydrogen fuel cells, and in 2018, it launched the Nexo, opening the era of hydrogen electric vehicles.

Chairman Chung is leading the expansion of the hydrogen ecosystem by moving beyond the Nexo to hydrogen buses, hydrogen trucks, and fuel cell system sales. He is particularly standing out in the commercial vehicle market, which requires long-distance driving. In April last year, Hyundai Motor established the world's first mass production system for hydrogen trucks and is exporting large volumes to Europe.

His efforts as a global leader in the hydrogen business are also active. Last year, Chairman Chung participated as chairman in the Hydrogen Council, a global CEO (Chief Executive Officer) consortium in the hydrogen sector, and presented three key directions for realizing a hydrogen society.

He emphasized that for hydrogen energy to become a practical solution for future energy transition, three prerequisites must be met: cost reduction through technological innovation, expansion of public acceptance, and establishment of a safety management system across the entire value chain.

The reason Chairman Chung is focusing on the hydrogen industry is that hydrogen, which is highly eco-friendly, is considered a key player in the future energy market.

In particular, to achieve the 'Net-Zero (zero carbon emissions)' goal targeted by countries worldwide, alternative energy sources must be found, and hydrogen is prioritized as the top candidate. This is why domestic companies including Hyundai Motor, as well as global companies and governments, regard hydrogen as a core future business.

The growth potential of the hydrogen economy is also bright. Global consulting firm McKinsey forecasted that the global hydrogen economy market size will surge from 170 trillion won this year to 2,940 trillion won by 2050. Sales of hydrogen vehicles are also expected to reach 400 million units based on passenger cars.

This content was produced with the assistance of AI translation services.