Hyundai launches 'no commitment' electric vehicle monthly subscription – here's why it's different from leasing
- At a Thursday auto show, the South Korean car manufacturer announced the launch of Evolve+.
- The subscription program will allow users to rent an electric car for as low as $699 per month.
Hyundai has launched a car subscription service for those considering a switch to an electric vehicle or those who just don't want the commitment of leasing a car.
The South Korean car manufacturer announced the start of its Evolve+ electric vehicle subscription service at the 2023 Chicago Auto Show on Thursday. A press release from the company describes the month-to-month subscription as a flexible and affordable alternative to leasing or owning a car.
Using the Evolve+ app, customers can reserve a Kona Electric for $699 per month or a Hyundai Ioniq 5 for $899, and later pick it up from a participating dealership. Unlike a standard car lease, 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 although the company did not name them in the announcement.
Hyundai recommends the program to college students home on summer break, workers on remote assignments, and "snowbirds" who need transportation while visiting their winter homes. It's also advertised as a way to test out an electric vehicle with no long-term commitment.
"As we know, living with an EV is really an educational process," said Gary Rome, president Gary Rome Auto Group 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."
However, Hyundai is still working out the kinks of renting out electric vehicles. At this time, the company says, there's no support for installing a home charger or inclusion of access to public chargers, CNN Business reported. A Hyundai spokesperson told the publication they were "currently exploring ways to include the charging with the subscription."
In March 2022, rental car startup Kyte announced a similar subscription service for users to rent a Tesla Model 3 for $995 per month for one year, Insider's Tim Levin reported. Unlike Kyte's plan, Evolve+ users can cancel their subscription any time and return the car.
"With no paperwork, no commitment and no long-term loan, Evolve+ is an optimal solution for the 'EV-curious' car shopper," said Olabisi Boyle, a product planning vice president at Hyundai Motor North America.