Hyundai Motors is making a full-scale advance into China’s eco-friendly commercial market.
On August 8 (local time), Hyundai Motors signed an MOU with CICC (China International Capital Corporation) and its subsidiary CCM (CICC Capital Management department) at the Hyatt Regency Hotel in Wangjing, Beijing, to activate the commercial vehicle business in China.
Attendees at the signing ceremony included Lee Hyuk-jun, executive of Hyundai Motor Group’s Chinese holding company, and CCM’s General Manager Xu Zhongqiao.
The agreement aims to leverage the extensive investment network of CICC, a top international financial investment firm in China, and its subsidiary CCM to accelerate the electrification of Hyundai’s commercial business, promote eco-friendly product sales, and secure a foundation for future projects such as autonomous driving.
Currently, the commercial market in China is undergoing a rapid transition from traditional internal combustion engine vehicles to eco-friendly and smart vehicles, in line with the Chinese government’s carbon neutrality and eco-friendly policies.
Hyundai plans to use this agreement to respond to the rapidly changing market and proactively secure demand from both government and corporate sectors within China.
Specifically, Hyundai will focus on research, development, production, and dealership operations for eco-friendly commercial vehicles, based on its commercial vehicle manufacturing plant and R&D center located in Sichuan Province, while CICC/CCM will promote multifaceted cooperation to build new sales channels by forming funds with various institutions, including government, state-owned enterprises, and large logistics companies in China.
Both parties are also planning to proceed with a share trading agreement to enhance responsible collaboration and mutual trust, with specific details to be agreed upon through discussions between the two parties by the end of the year.
In addition, Hyundai plans to expedite its entry into the Chinese commercial market by introducing hydrogen electric trucks equipped with fuel cell systems from ‘HTWO Guangzhou’, the first hydrogen fuel cell production corporation established overseas by Hyundai Motor Group, and proactively building its hydrogen brand image.
A Hyundai official stated, “This agreement will serve as a driving force to respond to the rapidly changing market centered around eco-friendly vehicles and diverse customer demands,” adding, “We will continue to consider collaboration with competitive partners in various ways to aggressively target the commercial business in China.”
Lee Sang-jin daedusj@autodiary.kr