Hyundai confident in Chinese vehicle market

Hyundai Motor Group is confident in its prospects in China and will continue its investment in the country, said the South Korean carmaker on Monday.

The world's No 3 carmaker added that its cumulative investment has exceeded 130 billion yuan ($17.88 billion) since its arrival in the country 21 years ago.

The Seoul-based carmaker made the remarks at the ongoing China International Import Expo, where it is showcasing a wide array of models and cutting-edge technologies.

Yin Yong-il, a senior executive at Hyundai Motor Group (China), said the carmaker, confronted with new changes and opportunities, is taking a more proactive and practical approach to grow its business in the country.

Fuel cell vehicles are hogging the limelight at Hyundai's booth at the CIIE. Of them is the NEXO, which is the world's most popular fuel cell vehicle, with its cumulative sales having reached 30,000 units.

Its Chinese version has a range of 550 km and its hydrogen tank needs only five minutes to be filled, said the carmaker.

Other hydrogen-powered models at the booth are the N Vision 74 concept as well as a truck and a bus, both of which feature products from Guangzhou-based HTWO, Hyundai's first overseas facility dedicated to fuel cell systems.

The facility, whose investment totals 8.5 billion yuan, has an annual production capacity of 6,500 fuel cell systems.

Hyundai also presents models from its N brand, the IONIQ 6 electric vehicle, as well as its flagship model Palisade at the CIIE, as part of its efforts to meet evolving demands of Chinese car buyers.