Hyundai launched a brand new trade-in program in Korea that lets you purchase EVs such as you would an iPhone. The transfer is designed to encourage buyers to go electrical with reductions on new Hyundai EVs when delivering used gas-powered automobiles.
Carrying the momentum into 2024
After promoting a report 268,785 totally electrical automobiles final 12 months, Hyundai has no plans to decelerate this 12 months.
Hyundai’s devoted EVs, just like the IONIQ 5 and IONIQ 6, have gotten best-sellers in key markets globally. The IONIQ 5 was the sixth best-selling electrical car within the US final 12 months, Hyundai’s greatest market.
In the meantime, Hyundai’s upgraded Kona Electrical is rolling out as some of the inexpensive EVs available on the market. The brand new Hyundai Kona options extra vary, quicker charging, and an upgraded design.
The automaker is doubling down this 12 months with plans to promote much more EVs, with round 300,000 deliveries in 2024. Hyundai’s funding plans this 12 months embody boosting mass-produced EVs whereas ending development at its Georgia manufacturing plant.
Hyundai is predicted to launch its first three-row electrical SUV later this 12 months. Though initially it was believed to be known as the IONIQ 7, new studies counsel it’s going to go by the IONIQ 9.
Hyundai launches trade-in plan to encourage shopping for EVs
To help the transition to EVs in its home market, Hyundai launched a brand new trade-in program when buying a brand new electrical automobile.
For any new EV purchases, together with the IONIQ 5, IONIQ 6, or Kona Electrical, Hyundai is providing compensation for buying and selling in a used car.
Hyundai compares it to purchasing a smartphone, the place a trade-in helps decrease the price of a brand new buy. The corporate is giving “particular advantages” to new EV patrons who commerce of their used ones.
Those that promote their used Hyundai or Genesis EVs by way of an authorized used automobile service will obtain as much as 2% compensation from the sale. For instance, should you wished to improve to the brand new IONIQ 5. Additionally, you will get a $380 (500,000 received) low cost when shopping for a brand new Hyundai EV.
Hyundai is offering particular advantages to those that commerce in an ICE or hybrid car. If you happen to promote your car (together with different manufacturers) to Hyundai’s licensed used automobile service, you may obtain as much as 4% of the sale as compensation.
ICE drivers turning of their used automobiles can even obtain a $230 (300,000 received) low cost on a brand new Hyundai EV buy.
To make sure a clean transition, Hyundai began a used EV buy enterprise earlier this month. Hyundai affords EVs between two and eight years outdated which might be below 75,000 miles (120,000 km).
Hyundai says it has measures in place to make sure the EVs are as much as customary, together with a “battery score system.” The system evaluates the battery based mostly on its situation and driving distance per cost.
If the battery is damaged or the driving distance is lower than customary, Hyundai considers the car faulty and won’t promote it.
Electrek’s Take
Though automobile trade-in packages have existed for a while now, Hyundai’s is designed to help the transition to EVs in its residence market.
The corporate is providing compensation for ICE or hybrid house owners who change to electrical automobiles because it seeks to spice up EV adoption in Korea. Hyundai’s trade-in program comes after BMW launched a brand new $1,000 incentive, however just for Tesla or different electrical fashions.
South Korea is introducing a brand new EV subsidy plan that favors home automakers like Hyundai and Kia whereas focusing on EVs with cheaper batteries.
The transfer ought to assist increase Hyundai’s electrical automobile gross sales, because the automaker goals to grow to be a top-three EV maker by 2030.
