Hyundai Motor "Hydrogen Car 'Nexo' to Sell Over 10,000 Units Domestically This Year"

This Year, NEXO Domestic Sales Target Set at 10,100 Units
South Korea Emerges as the World's Largest Hydrogen Electric Vehicle Market
"Accelerating Exports Not Only Domestically but Also to North America"

On the 16th, Hyundai Motor officials are taking a commemorative photo with the Nexo at the National Assembly charging station in Yeouido, Seoul. (Photo by Hyundai Motor)

[Asia Economy Reporter Kim Ji-hee] Hyundai Motor Company is tightening its grip on expanding leadership in the hydrogen fuel cell vehicle market. In the second year since the launch of the hydrogen fuel cell vehicle 'Nexo,' the company has set a domestic sales target of over 10,000 units this year, aiming to accelerate the popularization of hydrogen fuel cell vehicles.

On the 16th, Hyundai Motor announced that it has set the domestic sales target for the hydrogen fuel cell vehicle dedicated model 'Nexo' at 10,100 units this year. In addition to bold strategic investments and related technology development, the company intends to strengthen its leadership in the future eco-friendly mobility market by setting a concrete sales target.

Hyundai Motor was the first in the world to mass-produce and sell the hydrogen fuel cell vehicle 'Tucson ix' in 2013. Then, in March 2018, it introduced the hydrogen fuel cell vehicle dedicated model 'Nexo.' Domestic sales of Nexo, which did not even reach 1,000 units in 2018, surged to 4,194 units last year. Combining Tucson ix and Nexo, Hyundai Motor has sold a total of 5,128 hydrogen fuel cell vehicles up to last year.

Hyundai Motor aims to achieve an annual sales record of over 10,000 units in a single country for the first time this year. In fact, South Korea is also the largest market in the global hydrogen fuel cell vehicle sector. With sales of hydrogen fuel cell vehicles gaining momentum centered on Nexo, as of October last year, South Korea's share in the global hydrogen fuel cell vehicle market reached 52.4%. This means that more than half of all hydrogen fuel cell vehicle sales were made in South Korea.

Hyundai Motor's confidence in hydrogen fuel cell vehicles is based on world-class technology. The German automotive magazine 'Auto Motor & Sport' mentioned Nexo in July last year, stating that "Korea's hydrogen fuel cell vehicle technology is ahead of German cars." It particularly praised the hydrogen fuel cell system for its ability to travel over 600 km on a single charge and its fuel efficiency, as well as its high product competitiveness. Nexo's powertrain was also selected as one of the 'Top 10 Engines in the World' by the influential U.S. automotive media 'WardsAuto' at the end of 2018.

Hyundai Motor Company's hydrogen electric vehicle 'Nexo' (Photo by Hyundai Motor Company)

Hyundai Motor plans to increase sales and exports of eco-friendly vehicles, including hydrogen fuel cell vehicles, this year to proactively respond to increasingly stringent environmental regulations in various countries. In Europe, for example, the annual average carbon dioxide (CO2) emission regulation per individual company will be strengthened by about 27%, from the current 130g/km to 95g/km by next year.

The South Korean government is also supporting the expansion of the hydrogen fuel cell vehicle market. On the 9th, the 'Hydrogen Economy Promotion and Hydrogen Safety Management Act,' which contains provisions for systematic fostering of the hydrogen industry, passed the National Assembly plenary session. Notably, the government can now recommend the installation of charging stations, which had been a barrier to the spread of hydrogen fuel cell vehicles. The government has also confirmed subsidy support with a goal to supply 10,100 hydrogen fuel cell passenger vehicles and 180 hydrogen buses this year.

A Hyundai Motor official said, "Thanks to various policy supports such as the world's first enactment of the 'Hydrogen Economy Promotion and Hydrogen Safety Management Act,' customer interest in hydrogen fuel cell vehicles has greatly increased in Korea," adding, "This year, we plan to focus not only on the domestic market but also on exports to the North American market."

Hyundai Motor continues various efforts to strengthen global hydrogen ecosystem leadership. Through the mid- to long-term hydrogen and hydrogen fuel cell vehicle roadmap 'FCEV Vision 2030' announced at the end of 2018, the company revealed plans to establish a production system for 500,000 hydrogen fuel cell vehicles annually in Korea by 2030. At the 'CEO Investor Day' held last December, Hyundai further specified its plan to increase annual sales of hydrogen fuel cell vehicles to 110,000 units by 2025. Earlier this year, Hyundai Motor Group Vice Chairman Chung Eui-sun emphasized in his New Year's address, "Starting this year, we will actively commercialize sales of not only vehicles but also fuel cell systems and lead the expansion of the hydrogen industry ecosystem through cooperation in infrastructure construction projects related to hydrogen."

Hyundai Motor Group plans to start exporting hydrogen fuel cell systems to the U.S. market this year. This will be through Cummins Inc., a U.S. company with which it signed a supply agreement for hydrogen fuel cell systems for the North American commercial vehicle market last year. The export scope will be expanded to Europe and other regions in the future, and the supply range will also broaden to transportation sectors such as finished vehicle manufacturers, ships, railroads, forklifts, as well as power generation and storage sectors. By 2030, the company plans to sell about 200,000 hydrogen fuel cell systems annually both domestically and internationally.

This content was produced with the assistance of AI translation services.