South Korea: Hydrogen vehicle sales drop by 99.4% in January 2024

Hyundai Nexo also registered just 5 units of export sales last month.

According to a media report, South Korea, which had set a goal to have 3,00,000 hydrogen vehicles on its roads by 2030, saw sales of just 2 units last month. This is reportedly despite the widespread availability of subsidies of up to 50%.

Hyundai offers its Nexo model in the market, which is a hydrogen-powered car. The sales numbers were announced by the Ministry of Trade, Industry & Energy. In January 2024, Nexo sales fell by 99.4% compared to the same month last year. In addition to the dismal domestic sales, the Hyundai Nexo also registered just 5 units of export sales last month.

In comparison, South Korea registered 1,597 units of BEV (Battery-Electric Vehicles) sales - a 125% increase from January 2023, while plug-in hybrid sales at 588 units. In terms of export numbers, BEVs registered 31,350 units, while plug-in hybrid models accounted for 4,369 units.

Reports state that the rising fuel costs and the fuel supply crisis have also forced 3/4th of the country's filling stations to close down temporarily for several weeks. Also, Nexo's sales have been falling for the past two years. The car, which registered an all-time high of 10,527 units in 2022, fell to just 4,254 units last year.

Last month, the government announced that it would provide subsidies to 6,800 hydrogen cars in 2024, down from 16,000 last year. China overtook South Korea as the world's largest market for hydrogen vehicles last year.

Source: HydrogenInsight