Hyundai Motor has officially announced plans to enter the used car market, pledging to expand consumers' right of choice and to coexist with competitors in the industry.

According to the company on Monday, it will seek to supply certified pre-owned(CPO) vehicles, assessed based on its technologies as a leading manufacturer. CPO vehicles will have passed efficiency tests and undergone necessary repairs, it said.

The company also plans to establish a high-tech center to subject the CPO cars to precise inspection, as well as provide repairs and improvements both inside and outside the vehicle to enhance their marketability.

In order to break the information monopoly held by sellers in the used car market, Hyundai will set up an online portal to offer comprehensive information on the vehicles up for sale.

To achieve a coexisting relationship with competitors, the automaker will only sell its brand vehicles that have been on the road for less than five years and traveled less than 100-thousand kilometers, restricting its market share to five-point-one percent by 2024.