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FCEV

Since becoming the world’s first automobile company to successfully mass produce FCEV in 2013,
Hyundai Motor Group has been pulling together all of its resources to popularize FCEV.
The FCEV project, which began from a tiny drop of water, is creating huge ripples around the world
and bringing forth a new era.

Economic feasibility of FCEV

With environmental issues becoming more and more important around the world, people are considering FCEV as possible alternatives.
But do they make sense economically?

Economic feasibility of FCEV compared to electric vehicles/internal combustion engine vehicles

In terms of fuel cost per 1km (i.e. the daily economy of driving a vehicle), a diesel vehicle costs 62% of a gasoline vehicle (equivalent class), whereas FCEV and electric vehicles cost 54% and 36% respectively. In other words, FCEV are more economical than vehicles powered by conventional internal combustion engines, but they are less so than electric vehicles.

One thing to remember is that the hydrogen energy sector is still in its infant stage. When it starts to enjoy the benefits of scale economy on the supply side, more advanced transportation and production technology for hydrogen emerge on the market, and the increased number of market participants drive hydrogen prices down, FCEV will become much more economically feasible.

Hyundai Motor Group in-house comparison of economic feasibility between engine types (for 2020) Image
Fuel Unit Price Criteria
FCEV EV Internal combustion engine vehicle
NEXO KONA EV SANTAFE
Modern Trim Modern Trim 2.0T
gasoline 2WD
2.0
diesel 2WD
8,000 KRW/kg 313 KRW/kWh 1,474 KRW/ℓ 1,336 KRW/ℓ
Fuel cost per 1km - EV(KONA EV) 56KRW, FCEV(NEXO) 83KRW (54% of the fuel cost for a gasoline vehicle) - Gasoline(SANTAFE 2.0T) 155KRW, Diesel(SANTAFE 2.0) 97KRW

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