Hyundai CEO says on track for hydrogen-fueled NEXO’s new model

Hyundai Motor Co. is on track to develop a revamped model of its hydrogen fuel car NEXO, its chief executive said on Wednesday, as the South Korean carmaker is striving to cement its No. 1 position in the world’s hydrogen fuel cell vehicle market.

“Our research institute is working on NEXO’s follow-up model in full force,” Hyundai’s CEO Chang Jae-hoon told reporters on the sidelines of the H2 MEET, the world’s largest exhibition for hydrogen technologies and products.

“We will be able to roll out a decent product sooner rather than later to meet market expectations.”

Jang dismissed a possible delay in launching the new model.

Industry watchers expect an upgraded model of the NEXO series will be released as early as 2024.

The NEXO is a crossover utility vehicle based on Hyundai’s SUV Tucson platform. It is South Korea’s first hydrogen-powered SUV model.

Hyundai ranked first in the world’s hydrogen fuel cell passenger car market by sales in the first seven months of this year

POLICE TRUCK, MULTICOPTER

In the exhibition, formerly known as H2 Mobility + Energy Show, Hyundai showcased a hydrogen-electric police bus equipped with a hydrogen fuel cell stack composed of two hydrogen fuel cells. The fuel cell stack delivers 180-kilowatt power and a driving range of up to 550 km on a full charge.

The carbon-free bus is expected to replace the existing diesel engine buses that emit noises and greenhouse gases, and contribute to improving air quality.

Hyundai’s hydrogen-fueled multicopter is displayed as well during the four-day annual event.

The multicopter, also dubbed a quadcopter, is a kind of drone with four rotary wings and measuring six meters in length. It can be powered simultaneously by both fuel cell systems and batteries, said a Hyundai official.

SK, POSCO

Rising global oil prices set the stage for hydrogen fuels to take off thanks to their price competitiveness, said Choo Hyeongwook, CEO and President of city gas supplier SK E&S Co.

“SK E&S will use byproduct hydrogen to produce liquid hydrogen, clean blue hydrogen, green hydrogen and turquoise hydrogen,” Choo told reporters.

Hydrogen fuels are classified by the method of producing them and whether they are low-carbon energy or carbon-free. Some of them are derived from natural gas, while other types of hydrogen are produced, using electricity generated from renewables.

Steel giant POSCO Group introduced a steel product prototype that uses hydrogen, instead of coal, in the manufacturing process.

In the opening speech for the annual exhibition, Prime Minister Han Duck-soo vowed to provide financial support and tax incentives to help South Korea lead the hydrogen industry.

“The government will drastically cut the red tape that hinders investment and technology innovation,” Han said.

Write to Ik-Hwan Kim and Hyung-gyu Kim at lovepen@hankyung.com
Yeonhee Kime edited this article