Hyundai’s NEXO crossover tops world’s hydrogen vehicle market

Hyundai Motor Co.'s NEXO crossover has become the world’s best-selling hydrogen fuel cell electric vehicle (FCEV) in the first eight months of the year, beating its rival, Toyota Motor Corp.’s Mirai.

According to market research firm SNE Research, the South Korean automaker sold 7,410 units of the NEXO crossover in the January-August period, up 26.2% from the year-earlier period.

The vehicle topped the global FCEV segment garnering 59.7% market share, up from 52.4% a year ago.

The Toyota Mirai sold 2,561 units in the first eight months of the year, down 41.9% from a year ago. Its market share also shrank to 20.6% from 39.3%.

Japan’s Honda Motor Co. sold 209 FCEVs, up 17.4% from 178 units.

Hydrogen fuel cell car sales by automakers around the world rose 10.8% on year to 12,407 units in the January-August period, SNE Research data showed.

The size of the global hydrogen vehicle market almost doubled last year, but growth has slowed as carmakers focused on pure electric vehicles, industry officials said.

A global chip shortage and an auto parts supply disruption caused by the protracted Russia-Ukraine war have also contributed to the mediocre FCEV market growth, they said.

TO LAUNCH REVAMPED NEXO

SNE Research said it expects Toyota to gradually increase its market share as the Japanese carmaker plans to take its second-generation Mirai sedan to China by the end of this year and later build its own manufacturing plant there.

Hyundai Motor said it also plans to launch its second-generation NEXO model tailored to Chinese consumers' tastes soon.

Hyundai Motor Chief Executive Chang Jae-hoon said last month it will soon unveil a revamped model of its NEXO hydrogen car to cement its market leadership.

Industry watchers expect an upgraded NEXO model to be released as early as 2024.

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

Write to Il-Gue Kim at Black0419@hankyung.com
In-Soo Nam edited this article.