(CTN News) – Hyundai Motor Europe has announced a partnership with Casi, a provider of car subscription technology, to introduce its Mocean range across Europe following the success of subscription services for its vehicles in Spain and the UK.
In general, high purchase costs are seen as one of the key barriers to EV adoption. It is estimated that the global car subscription industry will grow to over US$100bn by 2032, with a 35% annual growth rate.
Car manufacturers, leasing companies, rental agencies, and car retailers are the main providers of car subscription services that are looking to increase revenue streams and meet customer demands for flexible mobility.
As opposed to traditional leasing periods of three years, Mocean subscriptions start at one month (Spain) and last as long as 24 months (UK).
The subscription fee includes additional car ownership costs, such as insurance, roadside assistance, road tax, and maintenance, and cancellation is possible with one month’s notice.
The Mocean subscription service will be brought to the next level by Casi’s platform technology, according to Hyundai Motor Europe.
In the coming months, the two companies will work together to expand the subscription service to new European markets, beginning with the migration of existing Mocean customers to the Casi platform.
A Mocean car running on subscription can be tracked and managed using Casi’s tech platform. It includes back-end systems for tracking and managing fleet status, maintenance, and direct sales through the Mocean webstore.
Hyundai’s whitelabel platform integrates with Hyundai’s existing technology landscape, including its ID solutions, ERP system, and CRM system.
Customer-facing integrations, such as payments, credit checks, subscription management, and customer service, are included in the new partnership.
We are delighted to announce this partnership with Hyundai Motor Europe.
Casi’s technology platform and Hyundai’s ambitions for Mocean are a perfect match.
As a team, we enable customers to access a new car whenever they need it, no matter where they are. Hans Kristian Aas, co-founder and CEO of Casi, said the UK and Spain are just the beginning.
“Hyundai has many years of car subscription experience, making them a very knowledgeable customer with high expectations.
They are exactly the kind of customer Casi wants to work with because this allows us to develop our technology and raise the bar for car subscriptions in general. Subscriptions to cars are without a doubt the future of personal mobility.”
The Mocean subscription service was designed to meet the needs of both our current and future customers as a mobility-as-a-service provider as well as a car manufacturer.
As a result, Hyundai Motor Europe’s award-winning range of advanced electrified vehicles can be enjoyed by those who want full flexibility and comprehensive motoring services,” said Liran Golan, Hyundai Motor Europe’s head of future mobility.