SEOUL, June 14 (AJU PRESS) - Hyundai Motor Co.'s exports of hydrogen-fueled electric vehicles dipped to zero last month, signaling the Korean carmaker’s declining presence in the market, data showed Friday.
According to the Korea Automobile & Mobility Association (KAMA), Hyundai sold no hydrogen passenger or commercial vehicles overseas in May, marking the second time this has happened since October 2023. Hyundai is the sole manufacturer of hydrogen fuel-cell cars in Korea.
From January to May this year, its cumulative hydrogen vehicle exports totaled 60 units, representing a sharp 74.2 percent decline compared to the same period in 2023.
If this downward trend continues, this year's total exports may struggle to reach 100 units, a major setback for a company that once led the sector with models like passenger car Nexo and truck Xcient.
After peaking at 1,121 units in 2021, Hyundai’s hydrogen car exports fell to 400 units in 2022 and 296 units in 2023.
The slump is attributed to insufficient charging infrastructure, rising hydrogen refueling costs and limited vehicle options.
In the first quarter of this year, Japan’s Toyota captured the largest share of the global market with 36.4 percent, compared to Hyundai’s 29 percent. By country, China led the market with 34.6 percent, ahead of Korea’s 26.5 percent.
In response to these challenges, Hyundai Motor is developing hydrogen variants of its Carnival and Staria models to succeed the Nexo. The conglomerate has also announced plans to acquire Hyundai Mobis' hydrogen fuel cell business, aiming to consolidate technological resources and enhance competitiveness.