Seoul to Offer Nexo Hydrogen Fuel Cell Vehicles at Half Price

By February 12, 2024 2   min read  (326 words)

February 12, 2024 |

2024 02 11 13 01 47 1 1

City wants to Convert 1,300 city, commuter, and airport buses to hydrogen buses by 2026.

Seoul’s city government has committed to subsidizing up to 32.5 million KRW (approximately $27,300 USD) towards the purchase of hydrogen vehicles, effectively halving the cost for consumers. This initiative is part of Seoul’s ambitious strategy to convert 1,300 city, commuter, and airport buses to hydrogen power by 2026, with an investment of around 16.6 billion KRW (about $14 million USD) earmarked for this year alone to facilitate the supply of 102 hydrogen passenger cars and 42 hydrogen buses.

Starting February 13, Seoul will begin accepting applications for hydrogen vehicle purchase support. The subsidy, combined with tax incentives, allows buyers to acquire hydrogen vehicles, typically priced around 70 million KRW ($58,900 USD), at nearly half the cost. Eligibility for the subsidy extends to Seoul residents, businesses, and organizations that have maintained their residency or main office registration in Seoul for at least 30 days before applying. Individuals can apply for one vehicle each, while businesses and organizations are limited to 20 vehicles per entity. Hyundai Motor’s Nexo, a mid-sized SUV, is the designated model for this support.

Hyundai Motor and other hydrogen vehicle retailers will manage all application processes, but the vehicle must be ready for delivery within two months of application submission. Buyers will also enjoy additional benefits, including tax reductions up to 6.6 million KRW ($5,550 USD), 50% off on parking fees and highway tolls in public lots, and exemptions from congestion charges in the Namsan Tunnel.

Seoul currently hosts 10 hydrogen refueling stations, sufficient for the city’s 3,110 registered hydrogen vehicles. However, the city plans to increase the number of stations to support the growing hydrogen vehicle population. By 2026, Seoul aims to transition 1,300 buses, including airport, city, and private commuter buses, to hydrogen power. Jeong Sam-mo, head of Seoul’s eco-friendly vehicle division, emphasized the city’s commitment to expanding eco-friendly hydrogen vehicle supply and infrastructure to achieve carbon neutrality by 2050.



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