Hyundai’s Nexo hydro fuel cell electric car. (image: Hyundai Motor Co.)
SEOUL, Oct. 22 (Korea Bizwire) — Hyundai Motor Co. has introduced a compensation program for owners of the hydrogen fuel cell electric vehicle Nexo, 15,000 units of which have been recalled since August for quality defects.
It recently notified Nexo owners that it has decided to introduce a ‘buy-back’ program for used cars..
The company will pay compensation based on the car’s date of release and distance travelled, for all out of warranty Nexos that require a replacement of the ‘stack’, the car’s core operating device.
The program covers up to 15 years since the release date, and 250,000 kilometers of driving distance. The rate of compensation begins from 5 percent.
It costs around 40 million won (US$33,990) to replace a single stack, which is enough to buy a new medium-sized sedan.
According to the buy-back standard set by Hyundai, the owner of a 5-year-old Nexo with less than 167,000 kilometers of driving distance would be eligible for compensation of up to 39 percent. A 7-year-old model would qualify for compensation of around 20 percent.
Kevin Lee (kevinlee@koreabizwire.com)
