Hyundai Motor bold objective targets a 15,000 certified pre-owned vehicle sales for 2024, diversifying its portfolio with electric vehicles (EVs) starting March. This EV sales underscores the company’s adaptive strategy towards the shifting dynamics of the automotive industry, focusing on sustainability and the growing consumer appetite for accessible EV alternatives.
Initiated in October of the preceding year, Hyundai Motor’s certified pre-owned vehicle venture has recorded sales of 1,057 units through its comprehensive digital and physical channels. Initially concentrating on traditional internal combustion engine vehicles, the introduction of EVs is poised to rejuvenate Hyundai’s pre-owned vehicle enterprise, aligning with market trends favoring eco-friendly and economically viable transportation options.
This strategic pivot arrives as the EV sector confronts projections of moderated growth, amidst apprehensions regarding elevated vehicle prices due to sustained high-interest rates. CarIsYou data reveals a significant uptick in Korea’s EV sales, which escalated by 115.1 percent in 2021. Yet, the global perspective suggests a growth trajectory in the mid-20 percent range for the current year.
Addressing potential consumer hesitations regarding the integrity of batteries within pre-owned EVs, Hyundai Motor collaborates with its Namyang R&D Center to forge a certification protocol for these batteries, with announcements of these frameworks anticipated before the commencement of EV sales in March.
The expansion of Hyundai’s EV range will not only feature its esteemed IONIQ series but also other acclaimed models such as the Kona Electric. This ambitious sales target encompasses transactions within both the business-to-business (B2B) domain and the individual consumer segment.
To enhance its inventory of premium pre-owned vehicles, Hyundai Motor amplifies incentives for individuals trading in their vehicles to the company’s certified platform. An augmentation from the previous year’s 2 percent reward to a 4 percent incentive on the used vehicle price is expected to entice more sellers.
Anticipating robust demand within Seoul and adjacent areas, Hyundai strategizes the inauguration of a new certified pre-owned vehicle center in the metropolitan vicinity, augmenting its existing installations in Yongin, Gyeonggi Province, and Yangsan in South Gyeongsang Province.
A Hyundai Motor spokesperson emphasized the launch of the pre-owned vehicle endeavor as pivotal, enabling local consumers to access manufacturer-certified, premium secondhand vehicles, paralleling international market practices. The firm’s dedication to advancing the credibility and breadth of the pre-owned vehicle market domestically sets a benchmark for the industry’s progression towards more sustainable and consumer-centric modalities.
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