Hyundai Motor delays launch of upgraded Nexo hydrogen automobile – newspaper

Hyundai Motor delays launch of upgraded Nexo hydrogen automobile – newspaper

The brand of Hyundai Motor Firm is pictured on the New York Worldwide Auto Present,

The brand of Hyundai Motor Firm is pictured on the New York Worldwide Auto Present, in Manhattan, New York Metropolis, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photograph

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SEOUL, June 29 (Reuters) – Hyundai Motor Co (005380.KS) has determined to delay the launch of its upgraded hydrogen-powered Nexo SUV to 2024 attributable to points with its gasoline cell improvement, a South Korean newspaper reported on Wednesday, citing the auto components business.

The South Korean automaker had deliberate to kick off mass manufacturing and gross sales of its new Nexo within the second half of subsequent 12 months, however has determined to postpone to 2024, the Seoul Financial Day by day reported. The Nexo was launched in 2018.

The report additionally stated the launch schedule for hydrogen gasoline cell autos at Hyundai Motor’s premium model Genesis had not been determined but, because the challenge to develop the primary Genesis model gasoline cell autos was suspended late final 12 months.

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Hyundai Motor didn’t have remark.

Hyundai bought 3,978 Nexos in South Korea and exported 120 between January and Could this 12 months, in keeping with the corporate’s gross sales knowledge.

In September, Hyundai Motor Group, which homes Hyundai Motor, Kia Corp (000270.KS) and Genesis, introduced plans to supply hydrogen gasoline cell variations for all its business autos by 2028, including it could develop gasoline cell autos for Kia and Genesis that could possibly be launched after 2025. learn extra

Analysts stated Hyundai could be reevaluating its hydrogen gasoline cell enterprise, particularly for passenger automobiles, due to the sluggish progress of the hydrogen gasoline cell automobile market and the necessity to deal with the transition to electrical autos (EVs).

“With the rising international EV market, it could be possible that Hyundai could possibly be reassessing its precedence listing as demand for EVs continues to develop, whereas the marketplace for hydrogen automobiles nonetheless stays comparatively small,” stated Co Soo-hong, an analyst at NH Funding & Securities.

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Reporting by Heekyong Yang
Enhancing by Mark Potter

Our Requirements: The Thomson Reuters Belief Rules.

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