Hyundai Motor Expands Used Car Business, Enters Second-Hand EV Market

Hyundai Motors Co. started selling used cars in October last year and is expanding this business to include electric vehicles this year. This will mark the company's entry into the second-hand EV market.

Hyundai Certification Standards

According to The Korea Economic Daily, Hyundai Motors Co. aims to sell more than 10,000 certified used vehicles in 2024. The certification is being established to ease customers' anxiety about the performance and reliability of electric vehicle batteries on cars they are buying.

Moreover, the South Korean automaker will set up certification standards to determine the lifespan and any damage that the EV batteries may have. The company will carry out this initiative in cooperation with its research and development institute.

Entry Into Used EV Business

Aside from regular cars, Hyundai Motor will now include electric vehicles in the lineup of second-hand models for sale. This will effectively expand its certified used car business into EVs.

The company aims to boost its profits from the business expansion. Starting next month, the automaker will sell certified used EVs that pass comprehensive and detailed quality tests.

Target Sales for Used Vehicles in 2024

Overall, it is hoping to sell a total of 15,000 units of both fuel-powered and electric-powered vehicles. While this number may appear to be high, it was reported that this figure is actually slightly lower than Hyundai Motor's initial target. Based on the reports, the number was reduced after considering the second-hand market's slowdown.

Korea's Econovill Review quoted Hyundai Motor Company as saying, "With the certified used car business, consumers can now choose high-quality used cars that have been directly verified by car manufacturers both domestically and overseas. We will contribute to increasing the reliability of the used car market in Korea and expanding the overall market size."

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