Hyundai is launching a trade-in program in Korea to boost sales of electric vehicles

Hyundai has launched a new trade-in program in Korea that allows you to buy electric cars like you would buy an iPhone. The measure is intended to encourage shoppers to go electric, with discounts on new Hyundai EVs when returning used petrol cars.

Carrying the momentum into 2024

After selling a record 268,785 fully electric vehicles last year, Hyundai has no plans to slow down this year.

Hyundai’s dedicated electric vehicles, such as the IONIQ 5 and IONIQ 6, are becoming bestsellers in key markets worldwide. The IONIQ 5 was the sixth best-selling electric car in the US, Hyundai’s largest market, last year.

Meanwhile, Hyundai’s upgraded Kona Electric is rolling out as one of the most affordable electric vehicles on the market. The new Hyundai Kona has a longer range, faster charging and an improved design.

The automaker is doubling down this year on plans to sell even more electric vehicles, with about 300,000 deliveries in 2024. Hyundai’s investment plans this year include pushing mass-produced electric vehicles as construction at its Georgia plant wraps up.

Hyundai is expected to launch its first three-row electric SUV later this year. While it was initially believed to be called the IONIQ 7, new reports suggest it will be called the IONIQ 9.

Hyundai trade-in EVs
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)

Hyundai is launching a trade-in scheme to encourage buying electric cars

To support the transition to electric cars in the domestic market, Hyundai launched a new trade-in program when purchasing a new electric car.

For any new EV purchase, including the IONIQ 5, IONIQ 6 or Kona Electric, Hyundai offers a used vehicle trade-in allowance.

Hyundai compares it to buying a smartphone, where a trade-in helps reduce the cost of a new purchase. The company is offering “special benefits” to new EV buyers who trade in their used EVs.

Hyundai-new-IONIQ-5-facelift
The new Hyundai IONIQ 5 facelift (Source: Hyundai)

Those who sell their used Hyundai or Genesis EVs through a certified pre-owned car service will receive up to 2% compensation on the sale. For example, if you want to upgrade to the new IONIQ 5. You will also get a discount of $380 (500,000 won) when purchasing a new Hyundai EV.

Hyundai is offering special benefits to those who trade in an ICE or hybrid vehicle. If you sell your vehicle (including other brands) to Hyundai’s Certified Pre-Owned Car Service, you can receive up to 4% of the sale as compensation.

Hyundai-IONIQ-6-black edition
Hyundai IONIQ 6 Black Edition (Source: Hyundai)

ICE drivers who return their used cars will also receive a $230 (300,000 won) discount on a new Hyundai EV purchase.

To ensure a smooth transition, Hyundai launched a used electric vehicle purchasing business earlier this month. Hyundai offers electric cars between two and eight years old that have driven less than 120,000 km.

Hyundai says it has taken steps to ensure its electric vehicles meet standards, including a “battery rating system.” The system evaluates the battery based on its condition and driving distance per charge.

Hyundai-Kona-Electric-N-Line
Hyundai Kona Electric N Line (Source: Hyundai)

If the battery is broken or the driving distance is not up to standard, Hyundai will consider the vehicle as defective and will not sell it.

Electrek’s Take

While car trade-in programs have been around for a while, Hyundai’s is intended to support the transition to electric cars in its home market.

The company is offering compensation to ICE or hybrid owners who switch to electric vehicles as it aims to boost electric vehicle adoption in Korea. Hyundai’s trade-in program comes after BMW introduced a new $1,000 incentive, but only for Tesla or other electric models.

South Korea is introducing a new EV subsidy plan that favors domestic automakers such as Hyundai and Kia, while focusing on EVs with cheaper batteries.

The move should boost Hyundai’s electric car sales as the automaker aims to become one of the top three EV makers by 2030.

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