S. Korea Vows to Make 6.2 Million Fuel Cell Vehicles by 2040

The South Korean government has unveiled a plan to build 6.2 million fuel cell-powered vehicles, open 1,200 hydrogen fueling stations and hike annual production of hydrogen to 5.3 million tons by 2040.

The plan was presented at an event earlier today in Ulsan. The city is home to Hyundai Motor Co., the country’s leader in hydrogen-powered vehicle development and sales.

The government’s Ministry of Trade, Industry and Energy hopes to lower the market price of hydrogen to less than 3,000 won ($2.70) per kilogram. The ministry says it also will encourage the use of fuel cells in ships, trains and construction equipment.

Last summer the government and key businesses agreed to invest a combined  2.6 trillion won ($2.3 billion) over five years to accelerate fuel cell technology. The initiative aims by 2022 to set up 310 hydrogen fueling stations in Korea and deploy 16,000 fuel cell-powered cars, trucks and buses.