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Hyundai Offers Subscription-Based Vehicle Ownership

November 16, 2016

Photo of 2017 Ioniq Electric courtesy of Hyundai.
Photo of 2017 Ioniq Electric courtesy of Hyundai.

Hyundai will offer a subscription-based approach to vehicle ownership with its 2017 Ioniq Electric sedan that will allow customers to acquire the vehicle for a fixed monthly fee that covers all costs of ownership, Hyundai announced ahead of the Los Angeles Auto Show.

The subscription-based program, known as Ioniq Unlimited, includes the costs of charging the battery-electric vehicle, unlimited mileage, scheduled maintenance, wear items, registration and other purchase fees. Hyundai will offer the program in California in early 2017.

Hyundai is pitching the program as "hassle free" and will allow customers to select their vehicle online from a dealer's inventory and sign up for a 24- or 36-month term. Customers can preview their all-inclusive monthly payment online. Once they complete a credit application and receive approval, they can head to the dealership to complete the purchase. Customers can expect no haggling, according to Hyundai.

Hyundai provided additional details about its Ioniq compact sedans, which will also include hybrid and plug-in hybrid variants. The Ioniq Electric provides 124 miles of range, according to the EPA. The Ioniq Hybrid should achieve 58 miles per gallon in combined driving cycles and outpace the 2017 Toyota Prius, which has a combined EPA rating of 52 mpg, Hyundai said.

The third offering, the Ioniq Plug-In Hybrid will provide 25 miles of electric range and more than 600 miles of total range, according to the company. The vehicle should arrive in the second half of 2017.

Hyundai will begin adding autonomous driving features to the Ioniq platform. The company will give a demonstration of a fully autonomous Ioniq that uses forward-facing radar and LIDAR technology at the International CES trade show in Las Vegas in January.

The company also announced a partnership with Santa Monica, Calif., carsharing provider WaiveCar to offer free, ad-supported carsharing in the Los Angeles area. The program will launch in January with a fleet of Hyundai Ioniq vehicles.

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