In a strategic move to promote EV adoption, South Korean automobile giant Hyundai Motor Company has announced the launch of a groundbreaking trade-in program to incentivize buyers to switch to EVs by offering compensation. The newly launched novel initiative, inspired by the smartphone purchase model, offers compensation to buyers who trade in their used vehicles when they purchase Hyundai's latest EV models, such as the IONIQ 5, IONIQ 6, and the Kona Electric.

Available in the automobile giant’s home market of South Korea alone for the time being, the trade-in program has been extended to Hyundai’s luxury Genesis brand also. Customers who sell their used electric cars through Hyundai's certified used car service get up to 2 per cent compensation from the sale. For example, those upgrading to the IONIQ 5 e-SUV can enjoy a discount of $380 (approx. 500,000 won) on their new Hyundai EV purchase.

It is worth-noting here that the trade-in program isn't limited to existing EV owners as it also extends special benefits to customers who transition from internal combustion engine (ICE) or hybrid vehicles to EVs. Sellers of ICE vehicles, including those from other brands, can take advantage of the program through Hyundai's certified used car service to receive up to 4 per cent of the sale as compensation. ICE owners switching to EVs will further benefit from a discount of $230 (approx. 300,000 won) on their new Hyundai EV purchase.

To facilitate a seamless transition, the Korean automaker has initiated a used EV purchase business, offering EVs between 2 and 8 years old with mileage under 75,000 miles (120,000 km). What sets the brand apart is its commitment to quality, employing a rigorous "battery rating system" that evaluates each vehicle’s battery condition and driving range. These conditions ensure that only vehicles meeting Hyundai's strict standards are made available for sale.

Hyundai's trade-in program comes at a pivotal time for the company, which achieved a record-breaking 268,785 fully electric vehicle sales during the previous year. Setting eyes even more ambitious goals for 2024, the automaker aims to deliver at least 300,000 EVs.

Hyundai's innovative trade-in program not only reflects the company's commitment to sustainable mobility but also showcases its dedication to making the switch to EVs more accessible. It seems to be a significant step forward in the brand’s mission to become one of the top-three electric car maker by the end of current decade.