"This Year’s Global Hydrogen Vehicle Sales Decline... Hyundai Motor Maintains No.1 Position"

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Hyundai Motor's hydrogen electric vehicle Nexo. (Photo by Hyundai Motor)

[Asia Economy Reporter Moon Chaeseok] Amid a contraction in global hydrogen fuel cell vehicle sales this year due to the supply shortage of automotive semiconductors and the Russia-Ukraine conflict, Hyundai Motor Company maintained its position as the top seller.

According to energy market research firm SNE Research on the 7th, the number of hydrogen fuel cell vehicles sold worldwide from January to April this year was 5,908 units, slightly down from 6,057 units during the same period last year. SNE Research attributed this to the semiconductor supply shortage, rising raw material prices, and the Ukraine situation.

Hyundai's Nexo sales totaled 3,073 units, slightly down from 3,103 units in the same period last year, while Toyota's Mirai sales dropped 38.4% to 1,597 units from 2,594 units in the previous year. In terms of market share, Hyundai increased from 51.2% last year to 52.0% this year, whereas Toyota plummeted from 42.8% to 27.0%.

SNE Research analyzed, "Although both Hyundai and Toyota experienced negative growth, Hyundai reduced its sales decline once again under adverse conditions and maintained its lead. However, Toyota faced compounded challenges including supply chain issues and natural disasters in Japan, along with external adversities, which further impacted its supply volume."

They added, "The hydrogen vehicle market, which nearly doubled last year, is now slowing down due to various global issues this year. While Hyundai is performing well, it remains to be seen whether Hyundai's dominance can continue amid ongoing uncertainties caused by market threats."