Hyundai updates Nexo - its fuel cell EV

Hyundai Nexo is the only hydrogen-powered fuel cell EV from the company. It was originally launched in 2018, and the current model is its second generation. The medium size SUV features advanced autonomous driving tech and driver assistance systems, and it has a WLTP-rated range of 414 miles.

The Nexo holds few driving endurance records for hydrogen-powered vehicles - it was driven for 6 hours non-stop in freezing conditions and at a high altitude of 86,614 inches. In 2021 Hyundai Nexo was driven from Melbourne to Broken Hill in Australia, a distance of 551.5 miles on a single charge which was over 62 miles more than the previous record - set by Nexo as well.

Despite all the records and advanced technology, the car is simply not selling in volumes high enough to be considered anything else, but a niche vehicle. Since entering production in 2018, Nexo sold 31,995 units in Korea with a further 3,000 vehicles sold abroad. The 2024 refresh was supposed to address the slow sales with a new redesign and improved technology.

It seems Hyundai is officially giving up on the Nexo - the new 2024 model is identical to the current one. The rumored refresh did not materialize, the technology remains identical, and if anything - Hyundai is cutting the number of trims available. Since apparently 97% of customers opted for the Premium version with extra USB ports and the unique dehumidifying system called After Blow - that’s the only version available from now on.

The EPA-rated range of 354 miles remains untouched, with the 497 miles version promised by the Hyundai chairman Euisun Chung nowhere to be found. The Nexo will retail for $54,140 in Korea but the effective price is much lower. The Korean government offers various subsidies for hydrogen-powered vehicles, and the actual price customers are expected to pay is closer to $28,800.

Disappointing news for Hyundai and its fuel cell EV but representative of the hydrogen-powered vehicle market. In Korea, where fuel cell vehicles are encouraged and highly subsidized, only 1,914 were sold in the first quarter of this year. Without any updates, the 2024 Nexo is essentially the same vehicle that has been on sale for quite a while, and even the substantial subsidies may not be enough to keep Hyundai's hydrogen dream alive.

Via