Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Hyundai Motor unveils new concept hydrogen vehicle: the Initium
Hyundai Motor CEO Chang Jae-hoon poses with the Initium hydrogen fuel cell electric vehicle during the concept vehicle's unveiling event in Goyang, Gyeonggi Province, Thursday. Courtesy of Hyundai Motor
By Nam Hyun-woo
CEO stresses partnership with rival carmakers on FCEV
Hyundai Motor on Thursday introduced its new concept hydrogen fuel cell electric vehicle (FCEV), the Initium, highlighting that the vehicle embodies the company’s decades of commitment to expanding the hydrogen-powered economy.
During an unveiling event, Hyundai Motor CEO Chang Jae-hoon said hydrogen is an accessible and equitable energy source for future generations, and the company “was able to have its commitment for the past 27 years because of its unwavering belief in the value of hydrogen.”
The Initium is a concept model that will be the foundation for its upcoming passenger FCEV which is set to debut in the first half of next year. The SUV features an increased hydrogen storage capacity and aerodynamic wheels to achieve an improved drive range of over 650 kilometers. Its enhanced fuel cell and battery system enables a maximum motor output of 150 kilowatts, while new design tweaks offer a more spacious second-row experience.
During the unveiling event, Hyundai Motor shared its past efforts to develop and expand hydrogen FCEVs. Hyundai Motor began developing hydrogen vehicles in 1998 and rolled out its first hydrogen FCEV in collaboration with the U.S. fuel cell specialist UTC Power.
In 2013, the company became the world’s first carmaker to mass-produce hydrogen FCEVs by launching the Tucson IX Fuel Cell. It released its first dedicated FCEV model, the Nexo, in 2018.
Hyundai Motor Executive Chair Chung Euisun, left, shakes hands with Toyota Group Chairman Akio Toyoda during the Hyundai N x Toyota Gazoo Racing event in Yongin, Gyeonggi Province, Sunday. Courtesy of Hyundai Motor
However, Hyundai Motor and rival hydrogen FCEV makers have since faced doubts about the sustainability of the FCEV business, as they did not roll out new models and questions lingered on the feasibility of said vehicles.
“In fact, it is hard to say hydrogen vehicles (are) a profitable segment,” Chang said. “However, we believe that this is a mission we must carry on … The government is also actively providing support, including subsidies.”
He also told reporters that Hyundai Motor intends to carry forward the legacy of the Nexo, implying that the upcoming mass-produced model will likely retain the name Nexo.
Chang also stressed that Hyundai Motor is open to collaborating with rival FCEV makers to expand the hydrogen economy.
“I believe there’s a lot of things that we can learn from Toyota in the field of hydrogen,” Chang said.
“We should collaborate not only with Toyota but with any company where partnership is possible … If there’s an opportunity to work with General Motors, we should take it. Collaboration is key when it comes to hydrogen.”
Along with Hyundai, Toyota is also advancing its hydrogen vehicle development. On Sunday, Hyundai Motor Group Executive Chair Chung Euisun and Toyota Group Chairman Akio Toyoda attended the Hyundai N x Toyota Gazoo Racing event in Yongin, Gyeonggi Province, where they shared a vehicle in a show-run. Toyota showcased its liquid hydrogen-powered GR Corolla during the event.