Hyundai launches ‘no obligation’ EV monthly subscription – that’s why it’s different from leasing

Hyundai Ioniq5 EV

Subscribers can reserve a Hyundai Ioniq 5 or a Kona Electric.Anadolu/Getty Images agency

  • At an auto show on Thursday, the South Korean automaker announced the launch of Evolve+.

  • The subscription program will allow users to rent an electric car starting at $699 per month.

  • Insurance, maintenance and 1,000 miles are included in the monthly fee, according to a press release.

Hyundai has launched a car subscription service for those who are considering upgrading to an electric vehicle or for those who simply don’t want the commitment of renting a car.

The South Korean automaker announced the start of its Evolve+ electric vehicle subscription service at the 2023 Chicago Auto Show on Thursday. A company press release describes the monthly subscription as a flexible and affordable alternative to leasing or owning a car. ‘car.

Using the Evolve+ app, customers can reserve a Kona Electric for $699 a month or a Hyundai Ioniq 5 for $899 and later pick it up from a participating dealership. Unlike a standard car rental, the monthly subscription fee includes insurance, maintenance and 1,000 miles of driving, according to the release. The service is currently only available in six states, though the company didn’t name them in the announcement.

Paired with Hyundai's Evolve+ app

The Evolve+ app is available on the Google Play Store and Apple App Store.Courtesy of Hyundai

Hyundai recommends the program for college students at home during summer vacations, workers on remote assignments, and snowbirds who need transportation during visits to their winter homes. It’s also touted as a way to test an EV without a long-term commitment.

“As we know, living with an EV is truly an educational process,” said Gary Rome, president of Gary Rome Auto Group and Evolve+ pilot dealer. “Evolve+ gives our customers the opportunity to try an EV and see if it fits their lifestyle. Evolve+ makes it really easy for a consumer to drive an EV in a more flexible way.”

However, Hyundai is still sorting out the EV rental kinks. At present, the company says, there is no support for installing a home charger or including access to public chargers, CNN Business reported. A Hyundai spokesperson told the publication they were “currently exploring ways to include charging with the subscription.”

In March 2022, car rental startup Kyte announced a similar subscription service to let users rent a Tesla Model 3 for $995 a month for a year, Insider’s Tim Levin reported. Unlike Kyte’s plan, Evolve+ users can cancel their subscription at any time and return the car.

“With no paperwork, no commitments and no long-term loans, Evolve+ is an optimal solution for the ‘EV-curious’ car buyer,” said Olabisi Boyle, vice president of product planning at Hyundai Motor North America.

Read the original article on Business Insider

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