5/21/2019 | 1 MINUTE READ

Hyundai Targets Sales of 5,000 Fuel Cell Cars This Year

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Hyundai Motor Co. says it already has surpassed 2018’s full-year sales for its Nexo fuel cell vehicle, and the company predicts a fivefold increase by year-end.

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Hyundai Motor Co. says it already has surpassed 2018’s full-year sales for its Nexo fuel cell vehicle with nearly 1,100 deliveries, and the company expects volumes to hit 5,000 by year-end.

Last year, the carmaker sold about 950 Nexo models (pictured) and another 17 of the previous-generation Tucson ix fuel cell vehicle. Four out of five of the 2018 deliveries were in South Korea.

This year’s tally marks the first time Hyundai has sold more than 1,000 fuel cell-powered cars in a year since 2013. Korea’s allocation has dropped to 70% of the total this year, but demand there is expected to accelerate as new government incentives for fuel cell and other electrified vehicles begin.

Hyundai launched the Nexo in Korea and Europe last summer. Deliveries in the U.S. began in January. The new model can travel about 600 km (370 miles) per fill-up—about 25% farther than the Tucson FCEV.

Hyundai and its Kia unit aim to produce 700,000 fuel cell systems per year by the end of next decade. Some 500,000 systems are expected to be used for passenger cars and commercial trucks. Another 200,000 are earmarked for forklifts, drones and industrial equipment.

In December, Hyundai announced that it and its suppliers plan to invest a combined 7.6 trillion won ($6.7 billion) by 2030 to develop next-generation fuel cell vehicles and related technologies.