Hydrogen cars, fuelled by splitting hydrogen molecules and emitting only water, may sound like sci-fi, but they’re already on the road, with some analysts predicting the sector could surge tenfold, from £10.2 billion in 2024 to £114.5 billion in 2032. Hydrogen powered vehicles won’t quite turn water into wine, but the forecast growth ahead is certainly divine.
Fasten your seatbelts as we explore this up-and-coming technology and find out if the investment case for hydrogen car stocks is as clear as water, or if investing in hydrogen car companies is all just smoke and mirrors.
The right hydrogen car stock for your portfolio depends on what drives your investment strategy. Some hydrogen car companies build the infrastructure, others develop the fuel cell technology, and then there are those manufacturing the cars themselves.
To put together our list of the best hydrogen car stocks, we combed through the holdings of leading hydrogen-focused exchange-traded funds (ETFs), such as the Global X Hydrogen ETF (HYDR) and the Defiance Next Gen H2 ETF (HDRO), while also considering major automakers investing in hydrogen that were left out of both funds.
Stock |
Icon |
1-year performance (to Apr. '25) |
5-year performance (to Apr. '25) |
Link |
|---|---|---|---|---|
| Hyundai Motor (005380) |  |
-25.76% | 80.93% | Invest Capital at risk |
| Toyota Motor (TM) |  |
-28.83% | 41.18% | Invest Capital at risk |
| Bayerische Motoren Werke Aktiengesellschaft (BMW) |  |
-37.41% | 39.17% | Invest Capital at risk |
| Honda Motor Co Ltd ADR (HMC) |  |
-21.50% | 33.98% | Invest Capital at risk |
| Plug Power (PLUG) |  |
-62.81% | -76.39% | Invest Capital at risk |
| Nikola Corp (NKLA) |  |
-99.43% | -99.97% | Invest Capital at risk |
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
NamX might have caught your eye, it’s an exciting Afro-European startup with swappable hydrogen capsules. But unfortunately, it’s not publicly listed so there is no NamX hydrogen car stock symbol to search for. And because it’s still a private company, there’s no NamX hydrogen car stock price at the moment. Instead, there are other ways to gain exposure.
If you're interested in investing in this industry, take a closer look at what companies in this industry do and how the stocks have historically performed. Keep in mind that positive past performance doesn't guarantee that a stock will continue to rise in the future.
Hyundai is a South Korean automaker with a growing interest in hydrogen as part of its clean energy initiatives. It produces the Nexo, a hydrogen fuel cell vehicle (FCEV) designed for both passenger and commercial use, though FCEVs remain a niche segment within its broader lineup. Hyundai continues to invest in fuel cell technology while balancing its focus on battery-electric and hybrid vehicles.
Hyundai Motor is listed on the KO and has a trailing 12-month revenue of around 175.2 trillion.
Capital at risk
Toyota is a Japanese automotive giant and a pioneer in hydrogen vehicle technology. While the majority of its business remains in traditional and battery-powered electric vehicles (EVs), it has been a leader in hydrogen fuel cell development, producing the Mirai (FCEV) and actively exploring hydrogen internal combustion engines (HICEVs) with the experimental hydrogen-powered Corolla.
Toyota Motor Corporation ADR is listed on the NYSE, has a trailing 12-month revenue of around ₩46.7 trillion and employs 384,338 staff.
Capital at risk
BMW is a German luxury automaker that is exploring hydrogen cars alongside its broader electrification efforts. It’s developing a hydrogen fuel cell vehicle (FCEV) for 2028 in partnership with Toyota, expanding its alternative fuel portfolio. While it previously experimented with hydrogen internal combustion engines (HICEVs) in the Hydrogen 7, BMW’s current hydrogen focus is on fuel cells rather than combustion technology.
Bayerische Motoren Werke Aktiengesellschaft is listed on the XETRA, has a trailing 12-month revenue of around $142.4 billion and employs 159,104 staff.
Capital at risk
Honda is a Japanese automaker that has explored hydrogen fuel cell vehicles (FCEVs) as part of its clean energy research. It previously produced the Clarity Fuel Cell, but discontinued the model in 2021. Despite winding down production, Honda continues with plenty of research, development, and investment in hydrogen fuel cell technology.
Honda Motor Co Ltd ADR is listed on the NYSE, has a trailing 12-month revenue of around €21.8 trillion and employs 194,993 staff.
Capital at risk
Plug Power Inc. develops hydrogen fuel cells product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; Progen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.
Plug Power is listed on the NASDAQ, has a trailing 12-month revenue of around $628.8 million and employs 3,224 staff.
Capital at risk
Nikola is an American company specialising in zero-emission commercial trucks, with a strong focus on hydrogen fuel cell vehicles (FCEVs). It has developed the Nikola Two and Nikola Tre, both hydrogen-powered trucks designed for long-haul freight transport.
Nikola Corp is listed on the NASDAQ, has a trailing 12-month revenue of around $75.5 million and employs 870 staff.
Capital at risk
Governments are pushing for zero-emission transport and automakers are investing heavily in hydrogen fuel technology. So, if you think hydrogen car companies have big growth potential, you might want to get in on the action.
There are three main ways to invest in hydrogen cars, each with its own upsides and drawbacks:
There aren’t any publicly listed companies that focus exclusively on hydrogen cars, unless you count Hyzon Motors, a long-haul truck company that, as of February 2025, was in liquidation.
On the other hand, many well-known established car giants are investing in this space. Before looking at specific examples, it’s worth noting that there are two main types of hydrogen cars: hydrogen fuel cell vehicles (FCEVs) and hydrogen internal combustion engine vehicles (HICEVs).
FCEVs generate electricity from hydrogen to power an electric motor, producing only water as emissions. HICEVs burn hydrogen in a modified internal combustion engine, operating similarly to petrol engines but with lower emissions.
Examples of hydrogen car companies
Here are some examples of major companies that are involved with hydrogen cars:
| Car Company | FCEV | HICEV |
|---|---|---|
| Toyota | Yes – Mirai | Yes – Experimental hydrogen combustion Corolla |
| BMW | Yes – Planned by 2028 (partnership with Toyota) | Yes – Previously Hydrogen 7, now no new developments |
| Hyundai | Yes – Nexo | No |
| Nikola | Yes – Nikola Two, Nikola Tre | No |
| Honda | Yes – Clarity Fuel Cell | No |
Much like battery electric vehicles (EVs) have faced challenges due to the glacial rollout of charging infrastructure, hydrogen-powered vehicles are similarly constrained by the pace at which refuelling stations are brought online.
As a result, chemical companies (like Air Liquide or Nel ASA) specialising in large-scale hydrogen production and technology firms advancing fuel cell innovations are critical to making these vehicles commercially viable.
Browse hydrogen fuel cell and infrastructure stocks
If you’d rather not try your hand at picking individual hydrogen stock winners and losers, you might want to spread your bets by investing in an expertly selected list of the top companies.
That’s where investing in ETFs comes in handy. These are investment funds that trade like stocks. They allow you to gain exposure to multiple hydrogen companies all at once, with a single investment. It can help you spread risk while still benefiting from the sector’s growth. L&G Hydrogen Economy UCITS ETF, for example, is a popular Hydrogen ETF.
Hydrogen car stocks represent a high-risk, high-reward play on the future of clean transport. While battery EVs have dominated the transition away from fossil fuels, hydrogen offers an alternative, particularly for long-haul trucking and commercial fleets where fast refuelling times and extended range are key advantages.
Hydrogen stocks also appeal to investors looking for exposure beyond just automakers. Companies involved in fuel cell development, large-scale hydrogen production, and refuelling infrastructure stand to benefit if adoption increases.
The market is still in its early stages, but with analysts predicting the sector could grow from £10.2 billion in 2024 to £114.5 billion by 2032, there is significant potential for long-term gains. Much of this growth is being driven by Asian markets, where countries like China, South Korea, and Japan are leading the way in both hydrogen vehicle production and infrastructure development.
China alone accounted for nearly 39% of global hydrogen fuel cell vehicle sales in 2023. With Hyundai committing $16.7 billion to next-generation hydrogen products and infrastructure, and Toyota still backing hydrogen fuel cell technology after more than three decades of investment, the sector continues to attract votes of confidence from well-established auto giants.
Investing in hydrogen car companies comes with some potentially explosive risks. A major challenge is the lack of infrastructure. Without enough refuelling stations, consumer adoption could stay low.
Additionally, while hydrogen cars are approaching price parity with some battery-electric vehicles, refuelling costs are much higher. In California, hydrogen fuel costs $34.50 per kilogram, making it over ten times more expensive to drive a Toyota Mirai compared to a Tesla EV.
Politics could shake things up too. President Trump has already signalled plans to cut green energy subsidies and suspend clean energy funding, which could slow hydrogen’s growth.
A cautionary example is Hyzon Motors, a hydrogen fuel cell vehicle manufacturer that announced plans to dissolve in early 2025. The company struggled to secure funding and faced uncertainty over government subsidies, ultimately forcing it to shut down, sell off assets, and lay off staff.
"Hydrogen car stocks could be a pretty interesting play for a few reasons. Firstly, with countries pushing harder on clean energy and emissions rules, hydrogen cars are getting more attention and financial incentives.
Also, the tech is rapidly advancing. Hydrogen fuel cells are improving – getting cheaper and more efficient – so these cars are becoming more realistic for everyday drivers. And finally, it’s not just hydrogen cars that will get your motor running. Hydrogen is being used in buses, trucks, and even boats. That means more ways for companies to cash in on this clean, green tech."
Hydrogen car stocks offer a high-risk, high-reward opportunity in clean transport. Automakers like Toyota and Hyundai are investing heavily, but limited refuelling networks and high fuel costs pose challenges.
Hydrogen infrastructure companies and fuel cell developers could also benefit if adoption grows. This is a sector to keep an eye on but it’s still in its infancy, so be careful you don’t get burnt.
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