The fuel cell electric vehicle market is developing, opening the prospects for platinum demand

Next year, Honda will start producing an all-new hydrogen fuel cell electric vehicle (FCEV) in the US, based on the recently launched 2023 Honda CR-V. This zero-emissions vehicle will contribute to Honda’s goal of making battery electric vehicles (BEVs) and FCEVs represent 100 per cent of its global automotive sales by 2040, platinuminvestment.com writes.
In Europe, Renault is also developing a hybrid electric and hydrogen powertrain, having launched its Scenic Vision concept FCEV last year. Designed to get ‘the best from electricity and hydrogen’, the Scenic Vision is equipped with a 16kW fuel cell which will act as a range extender, helping to recharge the vehicle’s battery during longer journeys. 
In the US, Plug Power is expanding manufacturing capacity in anticipation of FCEV market growth. It recently opened a new manufacturing facility featuring advanced automation, allowing for greatly increased scale and efficiency in the assembly of its fuel cell systems.
Meanwhile in the UK, Johnson Matthey, a global leader in sustainable technologies, is building a 3GW factory to scale up the manufacture of fuel cell components for FCEVs. 
Platinum is the catalyst that is used in proton exchange membrane (PEM) fuel cells, the type used in hydrogen FCEVs. While hydrogen-related demand for platinum is relatively small in 2023, it is expected to grow substantially through the 2020s and beyond, reaching as much as 35% of total annual platinum demand by 2040, on WPIC’s projections.

Alex Shishlo for Rough&Polished