Hyundai Motor Company is already working on a new Hyundai NEXO. The South Korean carmaker already have set an annual production target of 30,000 units for its fuel cell electric vehicle (FCEV). Considering that the average annual sales volume of the first generation was around 10,000 units, this will suppose a three times expected production.
Hyundai Motor Company recently started the development of the second generation Nexo Fuel Cell hydrogen vehicle after several setbacks. Hyundai plans to complete research and development by the end of 2024 and sequentially launch it overseas, including the United States and Europe, starting with South Korea in the first quarter of 2025.
Hyundai Motor Company set an aggressive target based on a positive market outlook, such as improving marketability by strengthening the efficiency of the hydrogen fuel cell system and expanding charging infrastructure and export volume.
The Nexo, which first began shipping in 2018, entered the Korean, U.S., and European markets and despite insufficient charging infrastructure, it sold 827 units in 2018. Sales volume was 4,823 units in 2019, 6,459 units in 2020, and 9,117 units in 2021, and exceeded 10,000 units for the first time in 2022.
The new Nexo is expected to improve its marketability at the level of a partially modified model rather than the completely modified model originally planned. As the mass production of the 3rd generation hydrogen fuel cell system has been postponed internally, Hyundai Motor Company is expected to install an improved 2nd generation system in the new model.
Attention is also focused on whether the development of the new Nexo will expand the range of passenger hydrogen electric vehicles. Initially, Hyundai Motor Company reviewed the development and mass production of hydrogen electric vehicles based on Staria MPV and a Genesis SUV, but put the final mass production schedule on hold because of halting 3rd gen hydrogen system development.
An industry official said, “Hyundai Motors is expected to significantly improve marketability such as performance and durability, which were lacking while developing the new Nexo,” and added, “As the group focuses its development capabilities on Hyundai Motors, the development of the previously planned 3rd generation hydrogen fuel cell system is also speeding up.” “We will pay,” he said.