瑞信-中国燃料电池电动汽车行业-长距离重载运输的结构性增长。
瑞信-中国燃料电池电动汽车行业-长距离重载运输的结构性增长。Fuel cell electric vehicle (FCEV) is likely to enjoy structural growth, especially in longdistance heavy loading transportation. We expect the hydrogen-powered FCEV to be an essential supplement to battery electric vehicles (BEV) in cold winter regions and longdistance and heavy-loading transportation. We estimate China's FCEV sales to jump from 3k units in 2022 to 30k/80k units in 2025/2030. Key drivers: (1) falling hydrogen pump price and (2) falling cost of fuel cell system components, especially fuel cell stack.