Hyundai's Nexo: Leading the Charge for Hydrogen Mobility, Despite Market Challenges
Key Ideas
- Hyundai Motor is launching the upgraded Nexo SUV to drive the global transition to hydrogen mobility, aiming for 11,000 unit sales annually.
- Declining market demand for fuel cells in Korea due to consumer hesitancy, limited charging infrastructure, and high hydrogen fuel prices.
- Global FCEV sales have decreased, with only Hyundai and Toyota active in the passenger hydrogen vehicle segment, facing fierce competition from battery electric vehicles.
- Despite challenges, Hyundai remains committed to hydrogen mobility, integrating its fuel cell business and forming partnerships to accelerate the adoption of hydrogen-powered vehicles.
Hyundai Motor is set to introduce the revamped Nexo SUV in Korea, enhancing performance and fuel efficiency to lead the shift towards hydrogen mobility. However, market trends reveal declining demand for fuel cells in Korea, attributed to consumer reluctance, limited charging access, and high hydrogen fuel costs. Globally, FCEV sales have dropped, with China focusing on commercial rather than private vehicles. Despite these challenges, Hyundai remains dedicated to hydrogen mobility, integrating its fuel cell business and collaborating with Toyota and General Motors to advance the hydrogen value chain. Experts highlight that significant hurdles remain for fuel cell vehicles, such as high costs and hydrogen production issues. Hyundai's vision, despite the pessimistic market outlook, aims to drive the adoption of a hydrogen-powered society by accelerating technological advancements and industry partnerships.