Hydrogen fuel trucks could be a major player in China

Fuel cell vehicles that run on electricity powered by hydrogen, could become a major player in China’s commercial truck market, said JPMorgan’s Elaine Wu in an interview with CNBC.

“Currently, the fuel cell vehicles account for less than 5 percent 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”.

“The [Chinese] government is promoting something, what we call ‘city clusters’ so that there could be demonstrative cities telling successful stories of how fuel cell vehicles are implemented in various parts of the country,” Wu said.

Fuel vehicles are a “very good option” for the commercial truck because they only take 10 to 15 minutes for refuelling, said Wu