After electric power, Chinese automakers target spurt in hydrogen vehicles

China is all set to roll out a new package of policies to support hydrogen fuel cell vehicles.
By : Bloomberg
| Updated on: 14 Sep 2020, 14:27 PM
File photo used for representational purpose. (REUTERS)
File photo used for representational purpose. (REUTERS)
File photo used for representational purpose. (REUTERS)
File photo used for representational purpose.

China’s biggest vehicle maker is accelerating a push into alternative energy, targeting a lead in hydrogen cars as it moves beyond gasoline and electric autos.

SAIC Motor Corp. plans to gain 10% of China’s hydrogen-vehicle market by 2025 as global automakers step up development of clean-energy cars to help protect the environment. The company will add at least 10 hydrogen models over the next five years, it said in a statement.

The nascent hydrogen-vehicle market globally is dominated by companies such as Japan’s Toyota Motor Corp. and Canada’s Ballard Power Systems Inc. China’s government is putting its policy might behind the technology -- just as it has done with battery-electric vehicles -- encouraging more companies to participate.

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(Also read: Nikola says open to cooperation with Hyundai on hydrogen technology)

The government wants 1 million fuel-cell vehicles on the roads in a decade and is spending hundreds of millions of yuan to subsidize purchases and spur research and development. And, as seen with battery-powered cars, a slew of startups and established companies are trying to capitalize on the policies.

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SAIC, based in Shanghai, said it targets a valuation of 10 billion yuan ($1.46 billion) for its hydrogen fuel-cell development arm in the next five years.

(Also read: Students of IIT BHU develop all-new hydrogen-powered vehicular prototype)

Shares of the company gained 1% as of 10:31 a.m. in Shanghai. They have lost 20% this year. SAIC makes cars with partners including Volkswagen AG and General Motors Co. in China.

First Published Date: 14 Sep 2020, 11:32 AM IST
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