A new policy initiative aims to double the national fleet of fuel cell vehicles by 2030 compared to 2025 levels, targeting 100,000 units. On the A-share market, ten automotive manufacturers have already commenced mass production of fuel cell vehicles.
A joint notice issued by three government ministries calls for pilot programs to advance comprehensive hydrogen energy applications. The notice outlines that by 2030, the number of fuel cell vehicles in China should double from the 2025 figure, striving to reach 100,000 units. The program encourages expanding hydrogen use beyond transportation into industrial and other suitable sectors to build an efficient and economically viable hydrogen application ecosystem.
The pilot projects will adopt a "competitive selection" mechanism to identify city clusters with strong industrial foundations, abundant application scenarios, and robust hydrogen supply chains. The goal is to establish replicable business models and lower the average end-user hydrogen price to below 25 yuan per kilogram by 2030, with some regions targeting around 15 yuan.
Six key pilot tasks have been identified, including promoting fuel cell vehicles, green ammonia and alcohol production, and hydrogen-based chemical feedstocks. Emphasis will be placed on commercial vehicles for medium-to-heavy duty and long-distance transport, such as logistics and refrigerated trucks, while exploring applications in public buses, urban delivery, sanitation, and even passenger vehicles like taxis and government cars.
According to official data, nearly 40,000 hydrogen fuel cell vehicles had been sold in China by the end of 2025, supported by 574 hydrogen refueling stations with a daily capacity exceeding 360 tons—the highest globally. However, challenges remain, including limited application scenarios, scarce green hydrogen supply, high costs, and difficulties in storage and transportation.
Among the 21 listed automobile manufacturers in the A-share market, ten have achieved mass production of fuel cell vehicles. These companies fall into three categories: truck producers such as China National Heavy Duty Truck (000951.SZ), FAW Jiefang (000800.SZ), and Foton Motor (600166.SH); bus makers including Yutong Bus (600066.SH), Zhongtong Bus (000957.SZ), and King Long Motor (600686.SH); and passenger vehicle manufacturers like SAIC Motor (600104.SH), Changan Automobile (000625.SZ), GAC Group (601238.SH), and Haima Automobile (000572.SZ).
Notable commercial models include Yutong’s fuel cell buses, which are already operating in cities like Beijing and Zhangjiagang. The F12 model, for example, offers a 500-kilometer range and refuels in 8–12 minutes. China National Heavy Duty Truck’s port tractor and SAIC’s FCV80 light bus are also in commercial use. Changan’s Deepal SL03 hydrogen sedan, the first domestic model of its kind, boasts a 730-kilometer range and a three-minute refueling time.
Among the ten companies, six have released 2025 earnings forecasts, with four anticipating year-on-year growth in net profit. Foton Motor expects net profit to surge approximately 1,551% to 1.33 billion yuan, driven by rising sales and operational improvements. SAIC Motor forecasts net profit between 9 billion and 11 billion yuan, up 438% to 558%, while King Long and Zhongtong Bus also project significant increases. Haima Automobile narrowed its losses, though GAC Group anticipates a substantial decline due to weaker-than-expected sales and asset impairment charges.
In terms of stock performance, as of March 17, China National Heavy Duty Truck led gains with a 30.12% increase since the start of 2026, while Zhongtong Bus was the only passenger or bus manufacturer to post a rise.
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