China sees thriving fuel cell vehicle market

BEIJING -- China has seen rapid development in the fuel cell vehicle market in recent years, with the compound annual growth rate of FCV sales reaching 32.3 percent during the 2016-2022 period.

In the period, about 10,300 such vehicles were sold in China, Luo Junjie, executive vice president of the China Machinery Industry Federation, said Tuesday at a press conference.

As a type of electric vehicle, FCVs use hydrogen gas to generate the electricity required to run a motor.

China has actively promoted the development of the hydrogen energy industry and introduced a slew of policies to channel more investment into the sector, Luo said.

Noting that the industry is still in its early stages of development, Luo urged efforts to deepen global cooperation on technology exchanges, and further develop equipment to reduce the cost of the industrial chain and support the large-scale application of hydrogen energy.

China rolled out a plan last year on the development of hydrogen energy for the 2021-2035 period as the country races toward its carbon peaking and neutrality goals.

By 2025, China will put in place a relatively complete hydrogen energy industry development system, with FCV ownership in the country reaching about 50,000 units, according to the plan.