Hyundai’s hydrogen electric vehicle, the Nexo, has emerged as the fastest-selling vehicle in South Korea’s used car market last month, according to recent data. Despite a new car price exceeding 70 million Korean won and a real purchase price around 40 million won even after subsidies, the Nexo has seen surging demand as used models are traded for as low as 15 million won.
Industry experts note the irony of a vehicle once celebrated as a “symbol of hydrogen technology” now gaining popularity as a “cost-effective SUV” in the second-hand market.
K Car, South Korea’s largest direct-operated used car platform, reported on March 10 that its analysis of average sales periods for February revealed the Nexo sold the fastest among major models, with an average of just 16.9 days on the market. This outpaced popular compact and subcompact models such as The New Ray (18.7 days), favored by first-time buyers in their 20s and 30s, The New K3 (18.2 days), and the LF Sonata (22.1 days).
The surge in Nexo sales is largely attributed to significant price reductions. While new Nexos cost over 70 million won, and subsidies reduce the price to roughly 40 million won, near-new, near-full-option models are now available for as little as 15 million won on the used car market. This represents a sharper decline than typical internal combustion engine vehicles, which generally lose 10–15% of their value annually.
Hydrogen-powered vehicles have traditionally faced slower sales due to limited charging infrastructure and lingering safety concerns. However, the February trend shows that the combination of seasonal used car demand and a dramatic price drop has repositioned the Nexo as an attractive and affordable option for buyers.
Other vehicles demonstrated relatively quick turnover around 20 days, including the Grandeur GN7 (18.0 days), The New K3 (18.2 days), The New Ray (18.7 days), LF Sonata (22.1 days), and XM3 (23.7 days). In contrast, models such as the Palisade (29.7 days), The New Carnival (32.1 days), and Accent (36.6 days) experienced longer sales periods.
