Hyundai has announced its new Evolve+ electric vehicle (EV) service, a vehicle-by-subscription program aimed at attracting the “EV-Curious” audience and increasing EV adoption and awareness. The service launches with two vehicles available to subscribers, the Kona Electric and Ioniq 5, starting at $699 and $899 per month, respectively.
The monthly price includes all costs such as registration, insurance, roadside assistance, and maintenance, making the barrier of entry lower for potential EV shoppers. The program is unique in that subscribers can cancel at any time, with no commitments beyond month-to-month payments.
How Does It Work?
Each monthly term is 28 days and includes 1000 miles, with additional charges for any miles over 1000, with a $20 fee per 100 miles up to 1500 miles, and $1 per mile thereafter. Subscribers can roll over any unused miles if they resubscribe to the service. The service is accessible through a user-friendly app, where subscribers can find a car and pay online, with no human interactions necessary until pick-up and drop-off at their local dealer.
To be eligible for Evolve+, drivers need to be at least 25 years old, have at least three years of clean driving, and hold a credit score of 650 or higher.
Hyundai used a $47,125 Ioniq 5 as a cost comparison example, estimating monthly purchase payments of $850 based on six-year financing for a customer with solid credit. Monthly payments on a three-year lease come out to closer to $600, though neither the lease nor purchase prices factor in insurance and maintenance costs.
Overall, Evolve+ is a promising new service for those interested in EVs, but may not have the financial means or commitment to purchase one outright. By including all costs in the monthly fee and offering the flexibility of month-to-month payments, Hyundai has created a low barrier of entry for the “EV-Curious” audience. With the Kona Electric and Ioniq 5, two of our favorite EVs, available at launch, this is a service worth considering for those interested in trying out electric driving.
What vehicles are available through Evolve+?
Currently, the Kona Electric and Ioniq 5 are the only vehicles available through the service.
How much does it cost?
The Kona Electric starts at $699 per month, while the Ioniq 5 costs $899 per month. This monthly fee includes all costs such as registration, insurance, roadside assistance, and maintenance.
Can I cancel the service at any time?
Yes, subscribers can cancel the service at any time, with no commitments beyond month-to-month payments.
Are there any mileage restrictions?
Each monthly term includes 1000 miles, with additional charges for any miles over 1000, with a $20 fee per 100 miles up to 1500 miles, and $1 per mile thereafter.