Hyundai Motor surpasses 50,000 cumulative hydrogen vehicle sales in South Korea

Hyundai Motor has surpassed 50,000 cumulative sales of hydrogen electric vehicles (FCEVs) in South Korea, a milestone reached eight years after the launch of the Nexo model in 2018. The market has expanded from passenger vehicles to commercial sectors, such as hydrogen buses and heavy-duty trucks like the Xcient.

Industry experts note that the hydrogen sector supports approximately 3,000 companies and 37,000 employees in South Korea. The Nexo model maintains a localization rate of over 90% for core components, utilizing a supply chain of about 60 partners.

Despite this growth, concerns are rising regarding the policy environment. A mismatch between central government funding and local government budget allocation has delayed vehicle distribution. For instance, while 6,000 passenger FCEVs were budgeted for this year, only 84.9% had matched local funding by late September. Commercial vehicles face a larger gap, with only 70.6% of required local funding secured. This low execution rate has contributed to a 23% reduction in the proposed 2027 hydrogen vehicle subsidy budget. Additionally, the expansion of charging infrastructure remains behind schedule, with only about 250 stations nationwide compared to previous government targets.