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● The All-New NEXO Returns with Full Change, an Innovation After 7 Years

● Hyundai's Ambition to Open the Era of 50,000 Hydrogen Cars

● Core Pricing Strategy for the All-New NEXO, Key to Hydrogen Car Popularization

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Hello.

I am Uniji (Yuka Post), an automotive influencer.

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Hyundai Motor will begin pre-orders for its next-generation hydrogen electric vehicle, the All-New NEXO, starting on the 15th. This new model marks a full change after its initial launch in 2018, boasting enhanced driving performance and improved charging efficiency, aiming for a significant expansion in the hydrogen car market. Hyundai targets a cumulative total of 50,000 hydrogen cars by the end of this year with the release of the All-New NEXO, strengthening its position in the eco-friendly vehicle market following electric and hybrid cars.

The All-New NEXO is Hyundai's third mass-produced hydrogen car, following the 2013 Tucson ix Fuel Cell and the first-generation NEXO launched in 2018. It features impressive performance, allowing for a range of up to 700 km with just a 5-minute charge, significantly improving both charging time and driving distance. Compared to the previous NEXO, enhancements in acceleration performance, durability, and safety are expected to greatly increase satisfaction in daily driving.

Industry sources indicate that pre-orders for the All-New NEXO will start on the 15th, with customer deliveries expected to begin as early as the end of June. Hyundai aims to achieve cumulative sales of 50,000 hydrogen cars within this year, marking the beginning of a significant domestic market expansion. The company plans to produce 13,000 NEXOs this year, preparing to surpass the 50,000 mark. Additionally, the Ministry of Environment has allocated 721.8 billion KRW (approximately 540 million USD) for hydrogen passenger vehicle support, intending to provide subsidies for about 11,000 hydrogen cars. As of March, the cumulative sales of the NEXO reached approximately 37,020 units, making it feasible to exceed 50,000 units in the coming months.

Interest in the sale price of the All-New NEXO, the full change model, is rising. Currently, the sale price for the 2024 NEXO Premium trim is 69.5 million KRW (approximately 52,000 USD). While prices may vary by region, after applying subsidy benefits (including 22.5 million KRW or about 16,800 USD from the national government and 12.5 million KRW or about 9,400 USD from local governments), the actual purchase price is around 34.5 million KRW (approximately 26,000 USD). The All-New NEXO is likely to launch at a price in the mid-70 million KRW range (about 52,500 USD), and with various subsidy benefits applied, the actual purchase price is expected to be in the upper 30 million KRW range (about 22,500 USD).

Hyundai aims to secure the top position in the global hydrogen car market with the release of the All-New NEXO. Currently, major competitors include Toyota, Honda, and BMW, with Toyota showcasing models like the Mirai and Honda presenting the CR-V e:FCEV. Notably, Toyota may launch its hydrogen vehicles in the domestic market later this year, intensifying competition for Hyundai. However, since the second half of last year, Hyundai has been actively investing in strengthening its hydrogen fuel cell technology and has confirmed the establishment of a next-generation hydrogen fuel cell plant in Ulsan.

However, the hydrogen car market still faces many challenges. Issues such as a lack of hydrogen refueling infrastructure, rising charging costs, and durability problems with fuel cells remain obstacles. Recently, the global hydrogen car market saw an 11.2% decline compared to the previous year, with only 2,119 units sold, raising concerns about growth stagnation. Hyundai focuses not only on vehicle production but also on expanding the entire hydrogen business ecosystem. During its recent regular shareholders' meeting, Hyundai added "hydrogen business and related businesses" to its business objectives and is preparing to establish a next-generation hydrogen fuel cell plant with a production goal set for 2028. This move is considered a key strategy to secure competitiveness in hydrogen car technology.

Ultimately, Hyundai's challenge to establish itself as a leader in the hydrogen car market has just begun. Surpassing the 50,000 mark with the All-New NEXO signifies more than just a number; it marks a pivotal turning point in solidifying Hyundai's position in the global eco-friendly vehicle market. We look forward to Hyundai's continued efforts in hydrogen car technology innovation and leading a sustainable energy ecosystem. Please share your valuable thoughts in the comments, and I wish you a joyful and happy day as I conclude this post.

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