Hyundai Motor beat its Japanese rival Toyota in the hydrogen-electric vehicles market to grab the top spot in the fuel cell electric vehicle category. The Korean automotive manufacturer sold 1,000 vehicles more than Toyota in the first quarter, market research firm SNE Research reported.
In the first quarter of this year, the sale of hydrogen-electric vehicles was up 62.7% than the previous year. The first half of the year saw a sale of over 9,000 hydrogen-electric vehicles worldwide, which suggests an increase of more than 220 percent every year. Although Toyota had sold 200 more cars than Hyundai, in the initial stages, Hyundai regained the top spot shortly after. During this period, the market share of Hyundai, was 51.7% and Toyota’s second-gen Mirai was the second in demand, roping in 40.9% of the market share, and Honda stood in third place 1.6% of the market share.
Hyundai needs to strengthen its strategy to maintain its position
SNE Research was quoted as saying, “There are ample possibilities that Toyota overtakes Hyundai at any time,” and added that Hyundai must realign its FCEV market strategy. Last year, Hyundai Motor sold the most significant number of hydrogen-electric vehicles globally, with a market share of 70.7%.
In 2013, Hyundai developed the world’s first commercial hydrogen electric vehicle. In 2018, Nexo – a second-generation hydrogen electric vehicle, made a debut. With a range of 609 km per charge that can be done in just five minutes, the Nexo would emit nothing but water. By using the electric motor to slow the vehicle, the Nexo recuperates energy to charge its battery and maintain a healthy state of charge.
The FCEV market, which sees cars emit less to no pollutants, is still in its initial stages and lacks competitive models & infrastructure for charging. Market watchers are looking to a tougher competition between Hyundai and Toyota that occupy a combined market share of over 90%.
