China’s fuel cell vehicle (FCV) market has had tremendous expansion in recent years, with sales of FCVs experiencing a compound annual growth rate of 32.3% from 2016 to 2022.
According to Luo Junjie, executive vice president of the China Machinery Industry Federation, at a news conference on Tuesday, around 10,300 of these vehicles were sold in China during that time.
FCVs are a form of electric vehicle that produce the electricity needed to power a motor using hydrogen gas.
According to Luo, China has aggressively encouraged the growth of the hydrogen energy industry and implemented a number of regulations to increase investment in the field.
Luo urged efforts to intensify worldwide collaboration on technological exchanges, further develop machinery to lower the cost of the industrial chain and support the widespread use of hydrogen energy while noting that the industry is still in its early phases of development.
As the nation works to achieve its carbon peaking and neutrality targets, China unveiled a strategy last year for the development of hydrogen energy for the years 2021–2035.
According to the plan, China will put in place a fairly full hydrogen energy sector development system by 2025, with ownership of FCVs in the nation reaching roughly 50,000 units.