Park Young-sun: "Will Discuss Hyundai Motor's Entry into the Used Car Market with Chung Eui-sun"

Minister Park Young-sun of the Ministry of SMEs and Startups attended the opening event of the first 'Smart Super' store in Sadang-dong, Dongjak-gu, Seoul, on the afternoon of the 15th, demonstrating the process of using an access authentication device to enter during unmanned hours. Photo by Yonhap News Agency

[Asia Economy Reporter Kim Heeyoon] On the 15th, Park Young-sun, Minister of SMEs and Startups, after attending the 'Smart Super No.1 Store Opening Ceremony' held in Sadang-dong, Dongjak-gu, Seoul, stated in a meeting with reporters, "As times have changed, we can no longer listen to only one side," indicating that it is difficult to unconditionally block Hyundai Motor's entry into the used car market.

Earlier, on the 8th, during the National Assembly Industry, Trade, Energy, SMEs and Startups Committee's audit, Minister Park said, "From the perspective of industrial competitiveness, the annual used car market size exceeds 12 trillion won, and there is an equity issue as domestic car companies cannot engage in used car sales compared to imported car companies," adding, "There is also a consideration of consumer welfare." She also added, "If Hyundai Motor enters under conditions of coexistence with the existing used car sales industry and raises the Hyundai brand value and competitiveness without profit, as an 'even point,' there could be a solution."

Minister Park said, "Chairman Chung Euisun is very interested in the value of coexistence," and added, "When we proposed Hyundai Motor to support small and medium enterprises supplying internal combustion engine parts, Hyundai immediately invested funds to create a coexistence model. I hope the large conglomerate's entry into the used car market proceeds similarly."

She continued, "After today's Hydrogen Economy Committee meeting, I took the same elevator as Chairman Chung Euisun, and I considered bringing up the used car issue inside, but refrained, thinking it might be a burden for someone who has recently assumed the chairmanship," explaining, "I believe it is necessary to exchange opinions with Chairman Chung soon regarding this matter."

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