South Korea's Hydrogen Fuel Cell EV Exports Plunge 74% in Early 2024

Exports of hydrogen-powered fuel cell electric vehicles (FCEVs) from South Korea plunged more than 70 per cent on-year during the first five months of 2024, industry data showed on Friday. According to data from the Korea Automobile Manufacturers Association (KAMA), the number of hydrogen-powered FCEVs shipped overseas during the January-May period reached 60 units, down 74.2 per cent from 233 units in the same period last year.

Last month, in particular, the country's exports of hydrogen-powered FCEVs dropped to zero, reports Yonhap News Agency. Key models from South Korea include the hydrogen fuel cell Nexo SUV of Hyundai Motor and the company's Xcient heavy-duty truck.

Meanwhile, South Korea's top automaker Hyundai Motor and its sister company Kia captured the largest share of the US market for electric vehicles (EVs) in the first five months of 2024, as per data compiled by KAMA.

The two carmakers accounted for 11.2 per cent, or 48,838, of the 437,246 EVs sold in the US market over the January-May period, marking a sharp rise from 6.8 per cent in 2023 and 10.6 per cent in 2022. In 2020, Hyundai and Kia only accounted for 3.2 per cent of the US EV market.