Hyundai Motor, CICC Capital to make advancements in China’s new energy commercial vehicle market

Beijing (Gasgoo)- Hyundai Motor Group’s commercial vehicle arm in China, Hyundai Truck & Bus, inked a cooperation framework agreement with CICC Capital Operation Co., Ltd. (CICC Capital) in a bid to further the automaker’s deployment in China’s new energy commercial vehicle market. 

Photo credit: Hyundai Motor Group

In order to meet the needs of the electrification and intelligent transformation of China's commercial vehicle market, the two companies will give full play to their advantageous resources and work together to increase the market share Hyundai Truck & Bus, laying a solid foundation for the future sustainable development of the automaker in China. 

Through this cooperation, Hyundai Truck & Bus will develop and produce high-quality new energy commercial vehicles by relying on its global standard cutting-edge factories, vehicle test centers, component test centers, and test sites, as well as advanced automation technology, intelligent equipment, and global production management system. 

Leveraging its various sub-funds in multiple industries in China, CICC Capital will help the automaker form a new sales network and broaden its industrial investment ecosystem. The two companies plan to ink a share trading agreement contract by the end of 2022 to deepen their partnership. 

At the same time, Hyundai Motor Group will actively integrate hydrogen energy and commercial vehicle industry resources in China, and aims to introduce hydrogen fuel cell commercial vehicles through the cooperation between Hyundai Truck & Bus and HTWO Guangzhou, the group's first overseas hydrogen fuel cell system R&D, production, and sales base, to contribute to China’s carbon neutrality target.