The Initium concept vehicle, unveiled on Thursday, can travel more than 650 kilometers on a single tank of fuel, according to a company statement. Nexo, the South Korean manufacturer’s first hydrogen-powered SUV model, had a range of 609 kilometers.
The new vehicle also has an additional function – it can act as a power generator. Initium can be connected to household electricity to act as a backup power source, the company said.
Hydrogen is Hyundai’s mission
At an event at Hyundai’s automotive studio in Goyang, north of Seoul, CEO Jaehoon Chang told reporters that Hydrogen-powered vehicles are not the type that are profitablehowever, regardless of this, the company will continue to develop this segment, treating it as if it were Hyundai’s mission.
Meanwhile, hydrogen cars have not gained much popularity, and there are several reasons for this situation. Gas production using renewable energy sources is not yet profitable on a large scalea transport, storage and distribution of gas are difficult. Despite these headwinds, Hyundai is pushing hard for alternative zero-emission fuel.
Hyundai has pledged to invest approximately $4 billion over the next decade to build a future around hydrogen. This is intended to help the company achieve its net zero emissions target by 2045 and become carbon neutral at all stages of production and operation.
Hyundai believes in hydrogen
Since the launch of the Nexo in 2018, Hyundai has remained a big supporter of hydrogen, while global automakers have focused more broadly on battery-powered electric vehicles.
Some of The advantages of hydrogen include faster refueling and longer range. However, most research suggests that battery-powered electric vehicles are the fastest and cheapest way to reduce passenger car emissions, while hydrogen may be better suited for heavy commercial vehicles.
Hydrogen has a long way to go
According to the car manufacturer, from January to September, sales of hydrogen-powered cars accounted for less than 0.5 percent. Hyundai’s total domestic deliveries. During this period, the Korean manufacturer sold only about 2,400 units. For comparison, Hyundai sold 30,942 battery electric vehicles in the local market during the same period.
Sales of hydrogen-powered cars and battery-powered cars fell by about 37%. compared to the same period last year.
