Hyundai signs HFC commercial vehicle manufacturing joint venture MoU in China
By Will Pulson - 10th January 2023
Hyundai and CICC Capital sign signs HFC MoU
South Korea / China / Hong Kong - Hyundai Motor Company (HMC) of Seoul, South Korea, in November announced a new Memorandum of Understanding (MoU) agreement with CCM, an affiliate of Hong Kong-based Chinese investment banking group, China International Capital Corporation (CICC), with a view to expanding its presence in China’s growing zero-emission commercial vehicle market.
Under the MoU the parties plan to establish a joint venture to focus on establishing a hydrogen-powered commercial vehicle business in China. A final agreement is expected to be signed by the end of this year, with the two companies also considering a share swap or mutual stake purchases to consolidate the partnership.
