Research on the innovation and development of China’s hydrogen fuel cell vehicle industry

• Main Author: YU, Xinhua
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2024
• Subjects: Hydrogen Fuel Cell Vehicle; Hydrogen Fuel Cell; Asian Studies; Business Administration, Management, and Operations; Technology and Innovation
• Online Access: https://ink.library.smu.edu.sg/etd_coll/557; https://ink.library.smu.edu.sg/context/etd_coll/article/1555/viewcontent/GPBA_AY2019_DBA_YU_XINHUA.pdf
• Institution: Singapore Management University

China's commitment to achieving "carbon peaking and carbon neutrality" has made the transition from conventional energy sources such as coal, oil, and natural gas to renewable energy sources such as solar, wind, and hydrogen an unavoidable trend. In this regard, the integration of new energy technologies into the automobile and transportation sectors has significantly impacted consumers' lifestyles and has emerged as a key focus for major investment institutions. Lithium-ion batteries, known for their advanced technology, cost-effectiveness, and safety, are the leading choice for use in passenger vehicles, gradually replacing conventional fossil fuel sources. This shift is also contributing to the emergence of a trillion-dollar industry track. Considering the strategic imperatives of energy diversification and ESG (Environmental, Social, and Governance) considerations, along with the inherent limitations of lithium-ion batteries in terms of low-temperature performance, energy density, and charge/discharge rates, hydrogen fuel cells have rapidly gained traction in automotive transportation, particularly in specific scenarios such as heavy-duty trucks and cold-chain logistics vehicles. There is now an opportunity for hydrogen fuel cells and lithium-ion batteries to form a symbiotic relationship, allowing both systems to leverage their respective technical and cost advantages in different application scenarios. Historically, both domestic and international research on the hydrogen energy industry has not adequately analyzed the systematic development of hydrogen fuel cell technology, cost reduction pathways, China's energy resource endowment, and relevant industrial policies. This thesis offers a comprehensive analysis of the advancement of hydrogen fuel cells within China's automotive industry by examining and drawing insights from the developmental trajectories of lithium-ion batteries, both at home and abroad, and evaluates the strengths and weaknesses of lithium-ion batteries in contrast to hydrogen fuel cell material systems. This analysis is situated within the broader context of China's strategic positioning within the hydrogen energy industry. Moreover, it draws from real-world applications of hydrogen fuel cells in vehicles, leveraging examples from companies invested in by IDG and practical case studies of hydrogen fuel cell vehicles. Simultaneously, detailed mathematical and theoretical models are utilized to assess the cost reduction pathways within the hydrogen energy industry. The possibility and timeframes for the widespread adoption of hydrogen fuel cells in automotive transportation segments are inferred from these analyses. Additionally, arguments and analyses are presented regarding the advantages between hydrogen fuel cells and lithium-ion batteries in the new energy vehicle market. This thesis contributes to advancing our understanding of commercializing hydrogen fuel cells in China’s automotive transportation, thereby playing a significant role in promoting the development of China's hydrogen energy industry and influencing investment decisions by institutions in the hydrogen energy sector.