Hyundai teams up with VW’s Audi to boost hydrogen cars

Hyundai wants to increase the uptake of hydrogen cars, which are propelled by electricity generated by fuel cells but have been held back by a lack of infrastructure. (Reuters)
Updated 20 June 2018

Hyundai teams up with VW’s Audi to boost hydrogen cars

LONDON: Hyundai agreed a deal with Audi on Wednesday to collaborate on hydrogen car technology, hoping to boost an energy segment that has lagged behind battery electric vehicles.
The South Korean firm wants to increase the uptake of hydrogen cars, which are propelled by electricity generated by fuel cells but have been held back by a lack of infrastructure and the push for battery electric vehicles by the likes of Tesla.
The pair will be able to access each other’s intellectual property and share components, including any new parts developed by Audi, which is responsible for hydrogen fuel cell technology in the Volkswagen Group, the world’s biggest car seller.
Hyundai hopes that the move will create greater demand for vehicles such as its ix35 model and bring down costs to make the technology profitable.
“We want to provide to our component suppliers more chance and we want to have competition between component suppliers,” Sae Hoon Kim, the head of Hyundai’s R&D fuel cell group, told Reuters in an interview in London.
“We also want to make them to have competition with other suppliers, and that competition will bring down the cost.”
Carmakers such as Toyota have touted the benefits of hydrogen vehicles, which take less time to refuel than the recharge times of battery electric cars, but are expensive and suffer from a lack of refueling stations.
Many carmakers are focusing on battery electric vehicles, which can take between half an hour and half a day to recharge, but are increasingly able to use a growing network of charging points.
Auto firms are teaming up to share the cost of developing greener technologies to replace combustion engines as regulators around the world crack down on emissions. GM and Honda have a partnership to jointly develop electric vehicles with hydrogen fuel cells that are expected to go on sale in 2020, while BMW is working with Toyota.
Kim said that a toughening of European Union carbon emission limits in 2025 would create a need for more hydrogen cars.
Hyundai sold 200 such models last year and expects to sell thousands this year, but Kim said profitability was still far off.
“100,000 or 300,000 vehicles per year per company, when that comes, I think we can make money,” he said.


IMF experts visit Lebanon amid worsening economic crisis

Updated 20 February 2020

IMF experts visit Lebanon amid worsening economic crisis

  • IMF team will provide broad technical advice
  • Lebanon has not requested IMF financial assistance

BEIRUT: A team of IMF experts met Prime Minister Hassan Diab on Thursday at the start of a visit to provide Lebanon with advice on tackling a deepening financial and economic crisis, an official Lebanese source said.

The IMF has said the team will visit until Feb. 23 and provide broad technical advice. Lebanon has not requested financial assistance from the Fund.

The long-brewing economic crisis spiraled last year as capital flows into the country slowed and protests erupted against the ruling elite over decades of corruption and bad governance.

Diab’s government, which took office last month, must decide what to do about upcoming debt payments, notably a $1.2 billion dollar-denominated sovereign bond due on March 9.

Lebanese President Michel Aoun meanwhile said on Thursday measures would be taken to hold to account all those who contributed to Lebanon’s financial crisis through illegal actions be they transfers abroad, manipulation of Eurobonds or other acts.

“There is information that we are still in need of with regards to the banking situation. There are measures that we will take to hold to account all who participated in bringing the crisis to where it is,” Aoun said, according to his Twitter account.

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One of Lebanon’s most influential politicians, Parliament Speaker Nabih Berri, said on Wednesday that debt restructuring was the best solution for looming maturities.

Lebanon will on Friday review proposals from firms bidding to give it financial and legal advice on its options, a source familiar with the matter said on Thursday. The government aims to take a quick decision on who to appoint, the source said.

So far, firms bidding to be Lebanon’s legal adviser are Dechert, Cleary Gottlieb, and White and Case, the source said.

Lebanon has issued requests for proposals to seven firms to provide it with financial advice.

The government on Wednesday formed a committee tasked with preparing an economic recovery plan that includes ministers, government officials, a central bank representative and economists, according to a copy of a decree seen by Reuters.