Hyundai has postponed the launch of the new generation of its fuel cell SUV Nexo, according to a South Korean media report - due to problems with fuel cell development.
Hyundai had originally planned to start production and sales of the new Nexo in the second half of 2023, according to the Seoul Economic Daily, but has now decided to postpone it to 2024. It also said no decision has been made on the introduction of fuel cell cars at Hyundai's Genesis brand, as the project was suspended late last year.
Hyundai would not comment on the information to the newspaper.
Analysts expect Hyundai to re-evaluate its hydrogen vehicle business, especially in the passenger car segment, as the market for H2 cars grows slowly and the focus shifts to BEVs.
Hyundai has sold 3,978 units of the Nexo in South Korea this year (through the end of May), with 120 more vehicles exported.