Hyundai's new Nexo hydrogen car launch delayed until 2024

According to foreign media reports, South Korean media reported on June 29, citing sources in the auto parts industry, that Hyundai Motor has decided to delay the release of the new hydrogen-powered Nexo SUV until 2024 due to problems with fuel cell development.

Hyundai had previously planned to start mass production and sales of the new Nexo in the second half of next year, but the company then decided to delay that until 2024, the report said.The first Nexo was launched in 2018.

The report also said a launch date for a hydrogen fuel cell vehicle from Hyundai's premium brand Genesis has not been decided because a project to develop the brand's first fuel cell vehicle was suspended late last year.Hyundai did not comment on the report.Hyundai's sales figures show that between January and May this year, Hyundai sold 3,978 Nexo units in South Korea and exported 120 units.

Image credit: Hyundai

Last September, Hyundai Group, which includes the Hyundai, Kia and Genesis brands, announced plans to offer hydrogen fuel cell versions of all of its commercial vehicles by 2028.The group also added that it will develop fuel cell vehicles under the Kia and Genesis brands, possibly after 2025.

Analysts said Hyundai will reassess its hydrogen fuel cell business, especially in passenger cars, as the hydrogen fuel cell vehicle market grows slowly and the company needs to focus on the transition toelectric vehicles.

Co Soo-hong, an analyst at NH Investment & Securities, said: "As the global EV market continues to evolve, Hyundai is likely to be reassessing its priorities as demand for EVs continues to grow and the market for hydrogen-powered vehicles continues to grow. It's still relatively small."