According to The Chosun Ilbo, Hyundai will soon be closing its hydrogen research center facing technological issues, major financial losses and uncertain prospects.
The decision comes off as surprising, even shocking, when you consider that the same company unveiled a strategy entitled Hydrogen Vision 2040 just several months ago. The Chosun Ilbo points out that Hyundai has no intention to discard the project for good, but finds that pursuing it at this time is not viable from multiple standpoints.
Aside from major technological issues to overcome and major investments needed for it, the development of hydrogen transports is further complicated by it being in very low demand already satisfied by the existing, more capable competition. Finally, the refueling infrastructure is barely present at all at this time.
Sources claiming to be close to the project are reporting that the decision was made last month after an internal audit within the company. The results of the audit led to many key figures of the project axed and the fuel cell development department re-organized completely.
As you may remember, Hyundai Motor Group unveiled a design study named the FK Concept in September this year (watch the video if you don’t), which it called a window into the future of hydrogen transports. The sports car reportedly had 680 PS (671 hp / 500 kW) at its disposal and 600 km (373 miles) of range with the tanks full.