Survival and Solutions Amidst the Hydrogen Heavy-Duty Truck Bankruptcy Wave
In recent years, the hydrogen truck sector has witnessed a surge in corporate losses and bankruptcies. Notable instances include the Chinese hydrogen equipment leader, Guofu Hydrogen Energy, which reported a pre-loss of over 190 million yuan, leading to a 15% drop in its stock price. Similarly, companies like Nikola Corp., Hyzon Motors Inc., and Quantron AG have declared bankruptcy. This global turmoil in the hydrogen heavy-duty truck industry signifies a period of pain. However, this does not imply a bleak future for hydrogen-powered trucks. Through this crisis, the opportunities and challenges for future development are becoming increasingly clear.
Structural Contradictions Behind the Bankruptcy Wave
The current hydrogen industry chain has yet to achieve the scale necessary for cost reduction in hydrogen production, storage, transportation, and refueling. The cost of green hydrogen produced via renewable energy electrolysis reaches as high as 35 yuan per kilogram, making it hard for many consumers to accept. While various governments are promoting hydrogen development through subsidies and policy support, the market demand has not been fully unleashed. Some companies overly rely on policy benefits and lack the capability for self-sustainability. For example, Youth Automobile received over a hundred million in national subsidies but faced bankruptcy due to immature technology and operational issues. Additionally, hydrogen fuel cell technology still grapples with challenges such as short lifespan and inadequate low-temperature adaptability, along with low coverage of refueling infrastructure. As of 2024, China has built 540 hydrogen refueling stations, a figure significantly lower than the scale of electric vehicle charging facilities, and the operational maintenance costs remain high.
Future Opportunities for Hydrogen Commercial Vehicles
With ongoing policy support and the rise of green hydrogen, China’s Energy Law clearly positions hydrogen energy as a primary energy source and emphasizes the need for coordinated development of the entire hydrogen chain during the “14th Five-Year Plan” period. Globally, green hydrogen projects are accelerating, such as the integrated offshore hydrogen and ammonia project in Yantai, Shandong, which has entered the testing phase. This project aims to reduce costs through green electricity for hydrogen production and extend its application to maritime fuel sectors. By 2025, the cost of green hydrogen is expected to decrease by over 30%, enhancing the economic feasibility of hydrogen heavy-duty trucks.
The unique advantages of commercial vehicle scenarios also play a crucial role. Hydrogen fuel cells are particularly advantageous in long-distance heavy-load transportation, requiring only five minutes for refueling and offering a range exceeding 500 kilometers, comparable to diesel vehicles. The use of fuel cell logistics vehicles is gradually expanding in closed environments such as ports and mining areas. Compared to passenger vehicles, commercial vehicles are less sensitive to costs, making it easier to dilute expenses through scaled operations.
Technological Iteration and International Collaboration
China has achieved breakthroughs in areas such as electrolyzer technology and liquid hydrogen storage and transportation, including corrosion-resistant alkaline electrolyzers and megawatt-level seawater hydrogen production facilities. Global automakers, including Toyota and Hyundai, are accelerating their investments in hydrogen heavy-duty trucks, while Mercedes-Benz is developing long-distance hydrogen-powered trucks, revealing the gradual emergence of synergistic effects within the industry chain.
Breaking the Deadlock: From “Policy Infusion” to “Market Self-Sustainability”
To focus on scenario-based applications, it is essential to prioritize the promotion of hydrogen commercial vehicles in high-frequency, high-load scenarios such as port logistics and mining transportation. Projects integrating wind, solar, and hydrogen storage can help lower green hydrogen costs. Additionally, exploring a closed-loop model that combines hydrogen vehicles, refueling stations, and green hydrogen production can facilitate the inclusion of hydrogen energy in the carbon trading system, enhancing the premium space for green hydrogen and establishing sustainable business models. For instance, exploring three major scenarios for ocean hydrogen energy, including nearshore “half-sea, half-land” wind and land-based production to aid industrial decarbonization, fully marine offshore hydrogen and ammonia integrated energy hubs, and “zero-carbon islands” for integrated ocean hydrogen energy solutions.
Furthermore, constructing international hydrogen corridors can reduce cross-border transportation costs and promote the development of unified hydrogen energy safety standards and certification systems globally. Currently, the challenges faced by hydrogen heavy-duty trucks represent a necessary transitional phase for emerging industries shifting from policy-driven to market-driven models. Although some companies may exit the market due to cost pressures and technological bottlenecks in the short term, the irreplaceability of hydrogen trucks in heavy-load, long-distance scenarios will gradually become evident as green hydrogen scales up, infrastructure improves, and technology evolves.
Recent Developments in Hydrogen Energy Transportation
On April 7, 2025, it was reported that the first hydrogen bus demonstration line in Xinjiang officially commenced operation in Yihu, with seven new energy buses powered by hydrogen fuel cells already operational, collectively surpassing a total distance of 200,000 kilometers.
On April 3, the Haipute F49 hydrogen heavy-duty truck equipped with a 200kW hydrogen fuel cell system was officially delivered to Tianjin Mingxin Changda Logistics, marking the first trial operation of a hydrogen heavy-duty truck for Coca-Cola in North China. The F49 has been deeply optimized for trunk logistics scenarios, featuring a large hydrogen storage capacity of 56 kg, enabling a single range of 600 kilometers to meet intercity transportation needs.
On the same day, Daimler Trucks announced that the first prototypes of the next generation of Mercedes-Benz hydrogen fuel cell trucks have successfully completed extreme testing in Switzerland’s Valais region over a span of 14 days. These tests covered critical areas such as fuel cells, high-pressure battery systems, electric drive axles, hydrogen storage systems, and thermal management. The two GenH2 hydrogen fuel cell prototypes demonstrated exceptional performance and reliability by traveling a total of 6,500 kilometers under severe conditions, including climbing from an altitude of 600 meters to over 2,000 meters.
On April 1, New Zealand’s TR Group, in collaboration with Toyota and GBV, unveiled the world’s first 50-ton hydrogen heavy-duty truck. This zero-emission vehicle boasts a range of 500 kilometers and a refueling time comparable to diesel trucks, with 20 units set to operate on logistics routes, marking the beginning of a hydrogen transport revolution.
Recently, at the 2025 International Hydrogen Conference and Exhibition, Jianing Technology and the National Energy Group’s hydrogen company showcased a groundbreaking product—the world’s first “Replaceable Hydrogen” heavy-duty truck. The key innovation is a modular replaceable hydrogen storage system that integrates high-pressure hydrogen storage modules, hydrogen exchange mechanisms, and an IoT monitoring and scheduling platform.
In Shaanxi, the province’s first hydrogen energy bus line was inaugurated in Pucheng, with the first batch of ten hydrogen energy buses entering service on local routes. These buses, designed and manufactured by Geely, feature advanced fuel cell engine systems, allowing for efficient hydrogen refueling and significant reductions in CO2 emissions.
In Gansu, the second batch of 50 hydrogen energy buses has commenced operation in Qingyang, providing green public transport services to more citizens.
On April 4, Kunming Yunnei Power Co., in collaboration with Yunnan Huyuan New Energy Power Technology Co., announced a patent for a self-extending system for fuel cell vehicles based on photovoltaic hydrogen production, marking a significant advancement in integrating solar energy with hydrogen fuel cell technology for vehicle operation.
