Hyundai Motor forms venture in Switzerland

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Hyundai Motor forms venture in Switzerland

Hyundai Motor said Monday that it established a joint venture with Swiss-based H2 Energy (H2E).

Hyundai Hydrogen Mobility, the new venture, will supply 1,600 hydrogen-powered large-size trucks over the next seven years for the European market, according to Hyundai Motor.

H2 Energy is a hydrogen energy company that specializes in developing hydrogen-charging infrastructure in Switzerland. The terms of the venture were not disclosed.

The Korean automaker said in a statement that it aims to develop eco-friendly commercial vehicles for European markets first then take it to other markets, such as Korea and the United States.

It hopes to take advantage of the friendlier regulatory environment in Switzerland. Hydrogen or electric-powered trucks in Switzerland are exempt from the country’s road tax on trucks over 3.5 tons.

“Through the joint venture, we expect Hyundai Motor to successfully enter the European market through hydrogen trucks by starting with Switzerland,” said Hyundai Motor Executive Vice President Lee In-cheol at the signing ceremony for the joint venture on Monday at Hyundai’s headquarters in Yangjae, southern Seoul.

“Hyundai Motor will strengthen its technological leadership in hydrogen electric vehicles through the commercialization of hydrogen electric trucks.”

“H2E will be active in providing a hydrogen environment so that Hyundai Motor’s hydrogen electric trucks are well utilized,” said Rolf Huber, chairman of the board at H2 Energy.

Automakers in the European commercial vehicle market have recently been active in developing eco-friendly offerings.

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