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August 25, 2021 @ 10:56 +03:00
Hydrogen fuel cell vehicles are set to become a major player in China’s commercial truck market, predicts JPMorgan’s Elaine Wu. “Currently, the fuel cell vehicles account for less than 5% of the commercial truck market in China and that could grow to about one-third of total market share in 2050,” Wu, head of Asia ex-Japan ESG and utilities research at the firm, told CNBC’s “Squawk Box Asia” on Monday.
Fuel cell electric vehicles run on electricity powered by hydrogen, which can can be used to store and deliver energy derived from other sources. Hydrogen is a clean fuel and when consumed in a fuel cell, produces only water.
One reason why fuel cell vehicles are a “very good option” for the commercial truck market is due to their refueling time of only around 10 to 15 minutes, Wu said. They also have a travel range of around 800 kilometers, about 50% to 100% above lithium battery electric vehicles. Major automakers such as Toyota, Honda and BMW are tapping into the hydrogen fuel cell market.
Fuel-cell vehicles are set for big gains in China’s commercial truck market, JPMorgan says, CNBC, Aug 25