Hyundai is now offering an app-based subscription service called Evolve + EV. They are offering the Kona Electric for $699 per month and the Ioniq 5 for $899 per month. The plan is to target EV curious customers who are interested in electric vehicles, but not quite sold on them enough to buy one yet.
If you use it for that purpose and only lease the car for a small amount of time, I think that this probably ends up being a good deal. However, Hyundai is banking on the fact that most people will just let it ride out for a long time so that they can continue to collect the monthly subscription payments. as we have seen in the cell phone and entertainment industry, this is a great business model. It’s just typically pretty bad for the consumers. This is also smart on the part of Hyundai because it allows them to continue moving cars even if true sales are not quite where they want them to be. On top of that, it allows Hyundai to keep ownership of the battery even while it is being used. Just like every other big change that is currently happening, I guess we will just have to wait and see how this plays out.
Hyundai has introduced an app based subscription service to get EV curious consumers into their cars. #hyundai #ioniq5 #konaelectric #ev #electricvehicle #leasing #news #automotivenews #hyundaiev
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