South Korea’s exports of hydrogen-powered fuel cell electric vehicles (FCEVs) have experienced a significant decline, dropping over 70% compared to the previous year’s figures. According to data from the Korea Automobile Manufacturers Association (KAMA), only 60 units were shipped overseas during the January-May period in 2024, compared to 233 units during the same period in 2023.
This sharp decline in exports is particularly notable as last month, South Korea’s exports of hydrogen-powered FCEVs hit a striking low point of zero. The decrease suggests a setback in the global demand for these vehicles.
Hyundai Motor’s hydrogen fuel cell Nexo SUV and the company’s Xcient heavy-duty truck are among the key models exported by South Korea. Despite the decline in FCEV exports, Hyundai Motor and its sister company Kia have managed to capture a significant share of the US market for electric vehicles (EVs).
Data compiled by KAMA reveals that during the first five months of 2024, Hyundai and Kia accounted for 11.2% of the total EVs sold in the US market, which amounts to 48,838 out of 437,246 vehicles. This represents a substantial increase from the previous years, where their market share stood at 6.8% in 2023 and 10.6% in 2022. In 2020, the two companies only accounted for a meager 3.2% of the US EV market.
While the decline in South Korea’s hydrogen-powered FCEV exports raises concerns about the future prospects of this technology, Hyundai and Kia’s success in the US EV market demonstrates their ability to adapt and thrive in the evolving automotive industry. It remains to be seen if the decline in FCEVs is simply a temporary setback or indicative of a larger shift towards other electrification technologies.
FAQ:
1. Why have South Korea’s exports of hydrogen-powered fuel cell electric vehicles (FCEVs) declined?
The exports have declined due to a significant decrease in global demand for these vehicles.
2. How much did the FCEV exports drop by compared to the previous year?
The FCEV exports dropped over 70% compared to the previous year’s figures.
3. How many FCEV units were shipped overseas during the January-May period in 2024?
Only 60 FCEV units were shipped overseas during the January-May period in 2024.
4. What is the significance of last month’s FCEV exports hitting zero?
Last month, South Korea’s FCEV exports hit a striking low point of zero, indicating a major setback in global demand for these vehicles.
5. Which models from Hyundai Motor are among the key FCEVs exported by South Korea?
Hyundai Motor’s hydrogen fuel cell Nexo SUV and the company’s Xcient heavy-duty truck are among the key FCEV models exported by South Korea.
6. Have Hyundai and Kia been successful in the US market for electric vehicles (EVs)?
Yes, Hyundai Motor and its sister company Kia have managed to capture a significant share of the US market for EVs.
7. What is the market share of Hyundai and Kia in the US EV market during the first five months of 2024?
According to data from the Korea Automobile Manufacturers Association (KAMA), Hyundai and Kia accounted for 11.2% of the total EVs sold in the US market during the first five months of 2024.
8. How does this market share compare to previous years?
Their market share in the US EV market stood at 6.8% in 2023 and 10.6% in 2022, representing a substantial increase. In 2020, they had only a 3.2% market share.
9. What does Hyundai and Kia’s success in the US EV market suggest?
Their success in the US EV market suggests that they can adapt and thrive in the evolving automotive industry.
Definitions:
– FCEV: Fuel Cell Electric Vehicle. A vehicle that uses a hydrogen fuel cell to power an electric motor, producing only water vapor as a byproduct.
– EV: Electric Vehicle. A vehicle that is powered by an electric motor and relies on rechargeable batteries or other energy storage systems.
– KAMA: Korea Automobile Manufacturers Association. An organization in South Korea that represents the country’s automobile manufacturers and promotes the interests of the automotive industry.
Related Links:
– Hyundai Official Website
– Kia Official Website