Hyundai's electric vehicle subscription service plan, Evolve+, is a month-to-month subscription plan for consumers looking for flexible and affordable alternatives to leasing or owning a car. Hyundai Motor America first launched the subscription plan in partnership with Hyundai Capital America at the 2023 Chicago Auto Show. "Hyundai Motor North America vice president of product planning and mobility strategy Olabisi Boyle spoke about the subscription plan, saying: "With no paperwork, no commitment and no long-term loan, Evolve+ is an optimal solution for the 'EV-curious' car shopper."
Consumers can book a Kona Electric or a Hyundai Ioniq 5 and pick it up from a participating dealership through the Evolve+ app. A Kona Electric costs $699 per month, while the Hyundai Ioniq 5 costs $899 per month. The subscription plan includes coverage of 1,000 miles, insurance, maintenance, registration, and roadside assistance. Consumers who have second thoughts after subscribing to the subscription plan are able to cancel at any time during each subscription period. As electric vehicles are becoming more prevalent in the automotive industry, subscription plans like this can be both eco-friendly and best suited for particular demographics such as college students, remote workers, and regular travelers.
Electric Car Subscription Plans
Hyundai Launched an EV Subscription Service Plan Called Evolve+
Trend Themes
1. Electric Vehicle Subscription Plans - Hyundai's Evolve+ points towards a rise in Electric Vehicle Subscription Plans which could disrupt the traditional car rental and leasing industries.
2. Flexible Vehicle Ownership Models - The rise of flexible vehicle ownership models, like Evolve+, may disrupt the traditional long-term loan model of car ownership.
3. Ev-curious Consumer Targeting - Subscription plans like Evolve+ may create an opportunity to target the EV-curious demographic who are looking for a short-term and flexible way to try out electric vehicles.
Industry Implications
1. Automotive Industry - Electric vehicle subscription plans have the potential to disrupt the traditional automotive industry by prioritizing sustainable and eco-friendly transportation over traditional ownership models.
2. Rental Industry - Flexible vehicle ownership models and subscription plans may be disruptive to the traditional rental industry as they offer a similar service to consumers.
3. Insurance Industry - The rise of subscription plans in the automotive industry may present an opportunity for the insurance industry to rethink their own strategies when it comes to insuring electric vehicles and flexible ownership models.