ULSAN < invest Korea

According to Yonhap News,

Ulsan City welcomed Hyundai Mobis' decision to build a hydrogen electric vehicle core parts factory in Ulsan, saying "it is meaningful as it completes the Ulsan hydrogen industry ecosystem."

Hyundai Mobis reported that it held a board meeting on August 20 and approved an investment of 1.32 trillion won to build fuel cell production facilities in Incheon and Ulsan.

It plans to establish new bases for hydrogen fuel cell production in the Incheon Cheongna International City IHP Urban High-tech Industrial Complex and Ulsan Ihwa General Industrial Complex, with commencing construction in 1H this year, and start operation in 2H 2023.

Hyundai Mobis’ Incheon Cheongna plant will make hydrogen fuel cell stacks (generating electricity), which will be made into fuel cell systems at the Ulsan plant, and supplied to finished vehicles.

According to Ulsan City, the hydrogen fuel cell system plant to be built in Ulsan will be built on a total area of 38,000 square meters with a total project cost of KRW 302 billion.

This plant is a facility that produces a hydrogen fuel cell system that combines auxiliary devices such as an air supply device and a sensor with a stack, which is a hydrogen fuel cell assembly.

Hydrogen fuel cell system is a high value-added core part that takes up 40 percent of the manufacturing cost of hydrogen vehicles.

Hyundai Motor plans to expand its annual hydrogen car production capacity from the current 17,000 to 500,000 by 2030.

As the government also aims to produce 6.2 million hydrogen vehicles by 2040, the demand for hydrogen fuel cell systems is expected to continue to increase in the future.

With attracting this plant, Ulsan city reckons that the city, the largest hydrogen producer in Korea and the world's largest hydrogen car production city, has completed the 'hydrogen industry life cycle' as it will be responsible for producing key parts of hydrogen cars.

Meanwhile, as Hyundai Mobis electric vehicle parts plant-which was attracted in Ihwa Industrial Complex in 2019-is in operation, Ulsan has attracted all key parts production lines of Hyundai's future cars.

The city expects that the attraction of this plant will directly lead to create 500 jobs and other jobs in various related industries, following the creation of 800 jobs at electric car parts plant.
hkm@yna.co.kr

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Source:Yonhap News (August 20, 2021)