Hyundai Motor Co has determined to delay the launch of its upgraded hydrogen-powered Nexo SUV to 2024 on account of points with its gasoline cell growth, a South Korean newspaper reported on Wednesday, citing the auto components trade.
The South Korean automaker had deliberate to kick off mass manufacturing and gross sales of its new Nexo within the second half of subsequent yr, however has determined to postpone to 2024, the Seoul Economic Daily reported. The Nexo was launched in 2018.
The report additionally mentioned the launch schedule for hydrogen gasoline cell automobiles at Hyundai Motor’s premium model Genesis had not been determined but, because the mission to develop the primary Genesis model gasoline cell automobiles was suspended late final yr.
Hyundai Motor didn’t have remark. Hyundai offered 3,978 Nexos in South Korea and exported 120 between January and May this yr, in keeping with the corporate’s gross sales information.
In September, Hyundai Motor Group, which homes Hyundai Motor, Kia Corp and Genesis, introduced plans to supply hydrogen gasoline cell variations for all its business automobiles by 2028, including it will develop gasoline cell automobiles for Kia and Genesis that may very well be launched after 2025.Analysts mentioned Hyundai can be reevaluating its hydrogen gasoline cell enterprise, particularly for passenger automobiles, due to the gradual progress of the hydrogen gasoline cell automotive market and the necessity to concentrate on the transition to electrical automobiles (EVs).
“With the growing global EV market, it would be likely that Hyundai could be reassessing its priority list as demand for EVs continues to grow, while the market for hydrogen cars still remains relatively small,” mentioned Co Soo-hong, an analyst at NH Investment & Securities.
Source: www.financialexpress.com”