Hydrogen fuel cell vehicles are set to become a major player in China’s commercial truck market, predicts JPMorgan’s Elaine Wu.
“Currently, the fuel cell vehicles account for less than 5% of the commercial truck market in China and that could grow to about one-third of total market share in 2050,” Wu, head of Asia ex-Japan ESG and utilities research at the firm, told CNBC’s “Squawk Box Asia” on Monday.
Fuel cell electric vehicles run on electricity powered by hydrogen, which can can be used to store and deliver energy derived from other sources. Hydrogen is a clean fuel and when consumed in a fuel cell, produces only water.
One reason why fuel cell vehicles are a “very good option” for the…