Hyundai Introduces EV Subscriptions For Occasional Drivers

(CTN News) – Hyundai is starting a subscription car service for those who don’t want to commit long-term but want to try out electric cars. It’s aimed at the “EV-curious” or those who only need a car temporarily, like “snowbirds” who move to southern states.

Hyundai Ioniq 5 EVs cost $899 a month with a smartphone app, or Kona Electrics are $699 with insurance, maintenance, and 1,000 miles included.

It’s different from leasing because subscription plan is open-ended, and leases don’t usually include insurance or maintenance. You can stop paying and return the car at any time.

Subscriptions to cars aren’t novel. Back in 2017, they tried a subscription service like this. With “Book by Cadillac,” people could buy Cadillac vehicles and switch between them whenever they wanted, for $1,500 a month.

Cadillac’s monthly price included maintenance and insurance, just like Hyundai’s Evolve+. It lasted less than two years, though, before GM ended it.

There are other companies taking it on, though. There are only a few states where Volvo doesn’t offer its Care by Volvo program. With monthly prices starting at $900, users can cancel or change vehicles after five months.

There’s also a Porsche subscription program in 14 cities, according to Porsche’s website. A Porsche model can be rented for $1,700 to $3,200 a month, or a fleet of Porsches can be rented for $3,600 a month.

Stellantis, the company that owns Dodge, Jeep and Fiat, has a car subscription service called Free2Move that offers Jeep and (surprise!) Tesla models in seven cities.

Other options include independent car subscription services like Finn, and car rental companies like Sixt that offer a variety of vehicles.

Hyundai’s program includes only electric vehicles.

Hyundai says one of its goals is to be a kind of test vehicle for people who might be curious about battery-powered cars. There’s no charging support in the Hyundai Evolve+ program, like help installing a home charger or access to public chargers. Owners of electric vehicles usually charge them at home.

In an e-mail, Hyundai spokesman Miles Johnson said, “We’re exploring ways to include charging with the subscription.”

Hyundai’s Evolve+ is available at eight dealerships across six states.

Previously, Cox Automotive, the company that owns Kelley Blue Book and Autotrader, offered car subscriptions. A spokesman said “macroeconomic factors,” including production problems that reduced vehicle inventories, made it difficult.

According to him, subscriptions may offer some consumers more simplicity, variety, and flexibility than traditional vehicle ownership. “It could also help drive EV adoption by giving intenders a platform to test electric vehicles without the long-term commitment.”

SEE ALSO:

Interior Of 2024 Ford Mustang Dark Horse Revealed In Blue And Black