Hyundai Motor America in partnership with Hyundai Capital America today announced its new Evolve+ electric vehicle subscription service at the 2023 Chicago Auto Show. This new service provides flexibility and affordability to the consumer who wants to drive Hyundai’s newest electric vehicles without committing to a purchase or longer-term lease. Evolve+ is a month-to-month subscription service that covers 1,000 miles, insurance, maintenance, registration, and road-side assistance at a starting price of $699 per month for a Kona Electric and $899 per month for an IONIQ 5.[i] The subscriber can cancel at any time during each subscription period and there is no long-term commitment required. Other subscription services require customers to lock into a 3- to 5-month minimum term. Evolve+ is currently available at select dealerships in six states with plans to add more by the year’s end. Consumers can find available dealers within the app.
“With no paperwork, no commitment and no long-term loan, Evolve+ is an optimal solution for the ‘EV-curious’ car shopper,” said Olabisi Boyle, vice president, product planning and mobility strategy, Hyundai Motor North America. “We’ve prioritized simplicity and flexibility with the subscription process, allowing customers to place orders and renew on their own terms on their own time all via smartphone. We are hoping that by offering a subscription-based option, we will increase EV adoption and awareness as customers transition into an EV future.”
There are also so many reasons why customers might need a car for a short term — “snowbirds,” who need a car in their winter home, a college student home for the summer, a worker on remote assignment, among many other consumer situations.
“As we know, living with an EV is really an educational process,” said Gary Rome, president Gary Rome Auto Group: Gary Rome Hyundai and an Evolve+ pilot dealer. “Evolve+ gives our customers the opportunity to try an electric vehicle and see if it is right for their lifestyle. Evolve+ makes it really easy for a consumer to drive an EV in a more flexible way.”
With this complete, “turnkey” package, Evolve+ is priced very competitively compared to a traditional lease or purchase. It’s much less expensive than a daily car rental, by about half. If Evolve+ customers like their experience, and want a long-term commitment, the Hyundai dealer can lease or sell them the vehicle.
|Differentiated Product Offering Provides Greater Consumer Access to EVs[ii]|
|2022 IONIQ 5 SE RWD||Purchase||Lease||Rental||Evolve+|
|Monthly Payment||$850||$609||$2,479||Variable from $899|
|Acquisition / Activation Fee||$-||$650||N/A||$300|
|Disposition Fee||$-||$400 (one time)||N/A||$-|
|Monthly miles allowed||Not Limited||1,000||Unlimited||1,000|
|Required Commitment||6 years||3 years||28 days||28 days|
Hyundai Evolve+ offers consumers a unique digital buying experience, allowing them to select their vehicle and payment terms through a custom app. Then the customer can simply go to the dealership to pick the vehicle up. It is a no haggling, stress-free delivery experience.
Hyundai Motor America has built Evolve+ in partnership with its dealers. That’s an important distinction, as it gives Evolve+ customers the benefit of working with a respected local business that’s responsible for the vehicle’s initial condition and maintenance.
How it Works
- Customers simply download the Evolve+ app from Google Play or the Apple Store to their smartphone
- Customers start by searching for a vehicle by price and zip code, then select a model from inventory and choose a monthly term that can easily be renewed
- The price is clearly displayed and there is no need for negotiation
- Next, they login to their account or create a new account
- The customer follows in-app instructions to qualify
- The customer then pays for the subscription using a credit card
- The payment via credit card reserves the vehicle
- A pickup time at the dealership is chosen