Citing “dismal sales,” Hyundai has slashed the price of its Tucson FCEV by over $100,000 in the home market. The car originally sold for $179,509, but Korean customers can now buy one for the low, low price of only $77,189. “We decided to slash the car’s price, even if we make a loss, because we can’t make further investments or expand infrastructure amid dismal sales,” said Hyundai in a statement on February 2nd, reports Reuters.
Most of the reason for those dismal sales can be traced to the fact that there is currently only one hydrogen refueling station in all of Korea. The Korean government is sympathetic to Hyundai’s plight and promises more hydrogen station by 2025, but that may be too little too late.
Meanwhile, the Japanese government says it will have 100 hydrogen stations up and running by the end of this year, and many, many more filling stations in time for the 2020 Tokyo Olympics. Toyota’s FCEV, the Mirai, is priced at $56, 934, which is still $20,000 less than the Tucson FVEV, even after the price cut. Both cars lease in the US for $499 a month. The Tucson cannot be sold to a retail customer but a buyer for the Mirai can purchase one outright for $57,400.
Hyundai seems to have done everything wrong in its quest to become a player in the hydrogen car market.