Hyundai Motor to roll out Evolve+ EV subscription program for $699 per month

Hyundai Motor announced the rollout of its new car subscription program that will allow people to drive a new electric car on a month-by-month basis. It has no long-term contract as well and has been named Evolve+.

As per Fox Business, this Hyundai Motor subscription program is available at dealers in six U.S. states at first and more locations are set to be added later. The scheme includes two of the automaker’s electric vehicles - the Ioniq 5 and Kona Electric.

The Kona Electric EV is being sold at a starting price of $35,285 while the Ioniq 5 is listed for $42,785. Under the Evolve+ subscription plan of Hyundai Motor, these will be offered to customers at suggested prices of $699 and $899 per month. The deal already comes with maintenance and all the insurance.

Then again, signing up with Evolve+ entails a $300 sign-up fee. This is also only for drivers who are 25 years old and up, and has a clean record plus a credit score of 650 or higher.

Subscribers will be given 1,000 miles of driving allowance for each month and any unused miles are rolled over to the next month as long as their Evolve+ subscription is kept active. However, if drivers exceed by 100 miles up to 500, there will be a charge of $20.

The succeeding additional miles will cost $1 per mile. Meanwhile, subscribers can cancel their subscriptions at any time.

“With no paperwork, no commitment and no long-term loan, Evolve+ is an optimal solution for the ‘EV-curious’ car shopper,” Hyundai Motor North America’s vice president of product planning and mobility strategy, Olabisi Boyle, said in a press release. “We have 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.”

He added, “We are hoping that by offering a subscription-based option, we will increase EV adoption and awareness as customers transition into an EV future.”