Hyundai Announces Evolve+ EV Subscription Program at the Chicago Auto Show

Rhea-AI Summary

Hyundai Motor America has announced its new Evolve+ electric vehicle subscription service at the 2023 Chicago Auto Show, aimed at offering flexibility and affordability in EV access. Starting at $699 per month for the Kona Electric and $899 for the IONIQ 5, the service includes insurance, maintenance, and roadside assistance. Evolve+ is designed for 'EV-curious' consumers, featuring a fully digital experience via the Hyundai Evolve+ app. Initially launching in seven cities across six states, the program allows for a month-to-month subscription without long-term commitments and plans to expand throughout the year.

Positive

• Evolve+ offers a flexible month-to-month subscription model, appealing to first-time EV customers.
• Inclusive of insurance, maintenance, and roadside assistance at competitive prices compared to traditional leasing.

Negative

• None.

• Program Provides Flexible Access to Electric Vehicles
• One Monthly Price Includes Vehicle, Insurance, Roadside Assistance and Maintenance
• Fully Digital Experience with Hyundai Evolve+ App
• Evolve+ is Meant to Attract the "EV-Curious" Audience, and Attract First-time EV Customers with Popular IONIQ 5 and Kona Electric Models
• Starting in Seven Cities Across Six States with Plans to Expand
• Hyundai Motor America has Built Evolve+ in Partnership with its Dealers

CHICAGO, Feb. 9, 2023 /PRNewswire/ -- 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 EVsii
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

Hyundai Motor America
Hyundai Motor America focuses on 'Progress for Humanity' and smart mobility solutions. Hyundai offers U.S. consumers a technology-rich lineup of cars, SUVs, and electrified vehicles. Our 830 dealers sold more than 724,000 vehicles in the U.S. in 2022, and nearly half were built at Hyundai Motor Manufacturing Alabama. For more information, visit www.HyundaiNews.com.

Hyundai Motor America on Twitter | YouTube | Facebook | Instagram | LinkedIn | TikTok

ⁱ Eligibility requirements include the following: 25 years of age or older - At least 3 years of recent driving history and clean driving record - Credit score of 650 or higher - Valid US driver's license - Valid credit card in your name (Debit/Prepaid cards are not accepted)

The 28-day monthly term includes 1,000 miles. If you exceed 1,000 miles in 28 days, your account will be automatically charged an additional $20.00 per increment of 100 miles until 1,500 miles. Thereafter, every mile in excess of 1,500 will be charged at a rate of $1.00 per mile. However, if you use less than your allotted 1,000 miles in 28 days, your unused miles will automatically roll over if you renew your subscription. 

ⁱⁱ Monthly payment based on 2022 IONIQ 5 SE RWD at MSRP of $47,125 sold to well-qualified buyer and financed through Hyundai Motor Finance at annual percentage rate of 6.20% over a term of 6 years.

Lease monthly payment based on 2022 IONIQ 5 SE RWD at MSRP of $47,125 leased to well-qualified lessee and leased through Hyundai Motor Finance over a term of 3 years.

Monthly rental fee based on rental of full-sized EV with rental for 28 days. 

ⁱⁱⁱ Sample screen shots for included for illustrative purposes only.

 

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SOURCE Hyundai Motor America

FAQ

What is the Hyundai Evolve+ electric vehicle subscription service?

The Hyundai Evolve+ service is a month-to-month subscription for electric vehicles, offering flexibility without long-term commitments.

What are the monthly costs for the Evolve+ subscription?

The Evolve+ subscription starts at $699 per month for the Kona Electric and $899 for the IONIQ 5.

Where is Hyundai Evolve+ available initially?

Evolve+ is launching in seven cities across six states, with plans for expansion later in the year.

What benefits does the Evolve+ subscription include?

The subscription covers insurance, maintenance, roadside assistance, and allows for 1,000 miles per month.

How does the Hyundai Evolve+ app work?

Users can select their vehicle, payment terms, and manage subscriptions entirely through the Evolve+ app.