South Korean auto giant Hyundai Motor Co. is expected to invest 300 billion won ($264 million) this year to expand capacity of its hydrogen fuel-cell electric vehicle plant to over 10,000 units by November, a year ahead of its initial plan.

According to sources from the company’s management and its union on Sunday, Hyundai Motor is seeking to ramp up output at its hydrogen car manufacturing plant in Ulsan, South Gyeongsang Province, to more than 10,000 units from current 3,000 units by injecting 300 billion won.

The automaker aims to complete the expansion by the end of October, which is also expected add 1,300 new jobs, sources said.

Hyundai Motor confirmed that the auto group is considering expediting its investment on hydrogen car production, but a final decision has not been made yet.

If the company decides to expand hydrogen car output this year, as reported by sources, it would be a year ahead of its initial plan announced before. In its hydrogen roadmap unveiled December last year, Hyundai Motor aimed to mass produce 500,000 units of fuel-cell electric vehicles by 2030 on 7.6 trillion won investment in total, with the first-phase investment to up its output to 11,000 units by 2020.

Currently, Hyundai Motor is capable of producing 3,000 units of Nexo, its fuel-cell powered sport utility vehicle (SUV) that sold less than 1,000 units last year. Demand for fuel-cell vehicles, however, is expected to grow fast amid aggressive investment and development efforts by the country’s government and various car makers from all over the world.

Chung Eui-sun, executive vice chair of Hyundai Motor Group who has moved a step closer to taking over the helm of the auto empire from his father following his appointment as co-chief executive of Hyundai Motor at the annual shareholders’ meeting held Friday last week, also has been advocating the proliferation of hydrogen cars.

Hyundai Motor last year clinched a deal to supply 1,000 units of its hydrogen-powered truck in Switzerland over the next five years.

Hyundai Motor shares finished Monday 2.83 percent lower at 120,000 won.

By Lee Jong-hyuk and Lee Ha-yeon

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