Hyundai Motor Company is launching Evolve+EV, a new car subscription program. This service is intended for people who actually do not wish to commit on a long-term basis but instead want to own a car just out of curiosity or as a temporary possession.
Using just a mobile app, consumers are able to reserve a Hyundai Kona Electric or Ioniq 5 electric vehicle, the only vehicle options at the launch, for $699 or $899, respectively. Hyundai’s program is accessible at eight dealerships spread across six states in America.
This subscription program differs from leasing in that it includes insurance and maintenance as part of the monthly subscription fees, which is not the case with leases. In addition, Hyundai’s program is flexible, and customers are always free to quit making payments and return the car to the company.
The concept of car subscriptions is not new. Different companies have adopted the concept before; 2017 saw General Motors test out a similar subscription car program through Cadillac, where individuals would access Cadillac cars and swap between them as needed for a $1,500 monthly subscription fee. However, General Motors only kept the trial going for a couple of years before discontinuing it.
Volvo provides its Caring by Volvo car service everywhere except for a few locations in the United States, with monthly costs beginning at about $900. After using the service for a period of at least five months, users have the option to alter or cancel their vehicle subscriptions.
Porsche offers its program in 14 cities, as per its website. Users have the option of choosing between one Porsche car at a cost of between $1,700 and $3,200 per month or gaining access to a pool of several Porsche cars at a monthly cost of $3,600.
Other companies that offer subscription programs include Free2Move, a Stellantis subsidiary, as well as independently managed vehicle subscription services and car-renting firms that provide customers with access to a selection of different car brands.
The Hyundai program is distinctive in that it solely covers electric cars. Hyundai claims that one of its goals is to serve as a sort of trial for people who are interested in electric vehicles. Unfortunately, this Evolve+ program neither offers any assistance with charging, such as assistance with setting up a home charger, nor helps with access to public chargers. Owners of electric vehicles typically charge them at home. Hyundai’s spokesperson Miles Johnson confirmed through email that the company is indeed researching ways to include the charging system into the program.
As time goes by, we are likely to see more innovations from the likes of Nikola Corporation (NASDAQ: NKLA) aimed at making it easier for the motoring public to switch to electric vehicles.
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