South Korean automaker Hyundai (HYMTF) is looking to expand beyond EVs for its zero-emission future, with new reports saying that it seeks to prove the worth of a new 'clean' fuel with a sleek, new supercar.
Related: Honda brings powerful hybrid tech to a beloved model
As per a new reports in The Korean Economic Daily (한국경제, or Hankyung) and its English-language counterpart, Hyundai is set to bring its much-buzzed N Vision 74 concept car into production as a low-volume, hydrogen-powered supercar.
Codenamed 'N74' by the automaker, sources who spoke to Hankyung said that the future 2-seater supercar will look just like the retro-cyberpunk concept that wowed spectators at the world's auto shows and on social media, complete with cool touches like DeLorean-style gullwing doors.
An official at an unnamed supplier for Hyundai told Hankyung that they were notified that Hyundai planned to put the car into production in small numbers, specifically "only 100 units annually for two years" starting in June 2026. Another unnamed supplier told the Korean financial publication that they are in the process of producing components for the hydrogen-powered supercar, and expects to finish the order by July 2024.
Powering Hyundai's new ride is a combination of a hydrogen fuel cell and a 70-kWh battery pack powering two electric motors. Together, they are expected to make upwards of 764 horsepower (570kW), sending the car from 0-60 mph in less than 3 seconds.
More Business of EVs:
- Tesla makes another harsh last-minute decision, frustrating students
- Forget Tesla's Supercharging, Polestar's new charging tech can charge even faster
- EVs have a problem Ford's partner aims to fix
Hyundai's high-performance, hydrogen-powered wake up call:
In the past, automakers like Lexus, Ford and Honda have come up with "halo cars" to send a message to consumers and enthusiasts showing off the absolute limits of what automakers could do in terms of engineering and design. While Lexus's LFA, Ford's Ford GT and Honda's Acura NSX served its purpose as good looking, high-performance supercars, Hyundai's N74, or N Vision 74 is dead-intent on using its looks and performance to win hearts and minds over to its hydrogen plans.
According to the reports, Hyundai's goal with the limited-production car is to establish it as a "symbol" of the automaker's hydrogen ecosystem and what possibilities can be achieved using the novel "clean fuel."
Earlier this year during the Consumer Electronics Show in Las Vegas, Hyundai unveiled a broad strategy centered around hydrogen, specifically its production as hydrogen fuel, hydrogen storage, transportation and its use as a fuel throughout its affiliated businesses, including steelmaking.
Related: Hyundai is switching lanes from EVs in a quest for another 'clean' fuel
In its bold plan, the South Korean automaker seeks to create an 'ecosystem' centered around harvesting the parts it needs for hydrogen fuel from sustainable sources and using them in critical places where it's needed. This includes harvesting hydrogen molecules from organic waste and microplastics, the development of PEM electrolyzers for hydrogen production, as well as using hydrogen to power critical use vehicles like fuel cell trucks at the Port of Oakland.
“It is said that the popularization of hydrogen is difficult. But we aim to make it with a sense of mission as someone has to do it and it will be taken away by someone if we don’t,” Hyundai Executive Chairman Chung Euisun said at CES.
With production limited to 200 units, and a reported asking price of a whopping $370,000, the gateway to hydrogen powered high-performance may be a tough sell unless you have deep pockets.
Hyundai Motor, trading under (HYMTF) on OTC markets, stood at $60.45, up 3.81% at the time of writing Wednesday, May 22.
Related: Veteran fund manager picks favorite stocks for 2024
