The Hyundai Motor Company logo is pictured at the New York International Auto Show in Manhattan, New York, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photo

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SEOUL, June 29 (Reuters) – Hyundai Motor Co (005380.KS) has decided to postpone the launch of its hydrogen-powered upgraded Nexo SUV until 2024 due to issues with its fuel cell development, a southern newspaper reported on Wednesday. -Korean, citing the auto parts industry.

The South Korean automaker had planned to launch mass production and sales of its new Nexo in the second half of next year, but decided to postpone until 2024, Seoul Economic Daily reported. The Nexo was launched in 2018.

The report also said that the launch schedule for Hyundai Motor’s high-end Genesis brand hydrogen fuel cell vehicles has not yet been decided, as the plan to develop the first Genesis-branded fuel cell vehicles was suspended at the end of last year.

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Hyundai Motor had no comment.

Hyundai sold 3,978 Nexos in South Korea and exported 120 between January and May this year, according to company sales data.

In September, Hyundai Motor Group, home to Hyundai Motor, Kia Corp (000270.KS) and Genesis, announced plans to offer hydrogen fuel cell versions for all of its commercial vehicles by 2028, adding that it would develop fuel cell vehicles for Kia and Genesis that could be launched after 2025. read more

Analysts said Hyundai will reassess its hydrogen fuel cell business, especially for passenger cars, due to the slow growth of the hydrogen fuel cell car market and the need to focus on the transition to electric vehicles (EV).

“As the global EV market grows, Hyundai would likely re-evaluate its priority list as demand for EVs continues to grow, while the hydrogen car market is still relatively small,” Co Soo said. -hong, analyst at NH. Investment security.

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Reporting by Heekyong Yang Editing by Mark Potter

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