The automotive components firm has transferred all its operations associated to hydrogen autos to Hyundai Motor Firm.
The explanation for the switch is that vital investments Hyundai Mobis has made in its hydrogen gas cell enterprise have didn’t yield clear outcomes as a result of gradual development of the H2 automobile market. Through this new transfer with Hyundai Motor, Hyundai Mobis expects it is going to improve profitability in its electrification division.
Hyundai Motor to give attention to gas cells and Hyundai Mobis on electrification.
Initially, the asset switch settlement was inked again in February and totaled 217.8 billion received (roughly $157.88 million). The Chosun Daily reported that in response to trade sources, Hyundai Motor formally accomplished the acquisition of the belongings, home services and staff of Hyundai Mobis’ hydrogen gas cell enterprise yesterday (June third).
When the switch settlement was first made in February, Hyundai acknowledged that their determination was to “consolidate dispersed fuel cell business capabilities within the group while Hyundai Mobis focuses on the electrification market.”
Having transferred all operations associated to hydrogen cars and now focusing solely on electrical autos, the considerations Hyundai Mobis has had concerning profitability ought to ease. Two of the first causes for this being that hydrogen autos require extra advanced know-how than electrical autos, which naturally makes the elements for gas cell autos dearer. The opposite being the shortage of hydrogen refueling stations in comparison with EV charging stations.
Hyundai Mobis’ hydrogen gas cell enterprise manufactured gas cell energy packs and stacks.
When it was operating the South Korean’s automaker’s H2 vehicle-related enterprise, Hyundai Mobis manufactured gas cell energy packs. These energy packs are a single cohesive unit that mix hydrogen gas cell techniques, hydrogen storage techniques, and energy conversion gadgets. Moreover, the corporate manufactured hydrogen gas cell part stacks for Hyundai Nexo and different hydrogen autos. The stacks are one of many most important components of a hydrogen automobile. It converts hydrogen into electrical vitality and makes up about half the worth of an H2 automotive.
Beforehand, Hyundai Mobis produced the components at its Chungju facility earlier than delivering them to Hyundai Motor’s Ulsan and Jeonju services.
May different corporations dump hydrogen automobile manufacturing operations in favor of EVs?
Probably. Present traits present that there’s an total stoop in H2 automobile gross sales. In the course of the first quarter of 2024 (January – March), international gross sales of hydrogen autos solely reached 2,382, a lower of 36.4% from Q1 2023 (3,743 autos bought). What’s extra, the Chosun Every day stories that lower than half of Hyundai Nexo’s 2017 gross sales quantity (11,079 automobiles) have been bought abroad and the market share of H2 autos in South Korea dropped from 54.8% to 34.7%.
