Hyundai Motor India Ltd (HMIL) has announced the launch of ‘Hyundai Subscription‘. The initiative comes to life through an exclusive strategic partnership between Hyundai and Revv. The plan is simple. To make Hyundai car ownership more attractive, and possibly more accessible to a larger buyer group through hassle free ownership, flexibility and limited commitment basis its novel ‘Subscription Based Ownership Model’.
All Hyundai cars, including their popular cars like Creta, i20, Grand i10 and Santro, will be available under this new model. With shared mobility growth being an established pattern, the space has grown from USD 900 million in 2016 to USD 1.5 billion in 2018, and is expected to further grow to USD 2 billion by 2020. The 15,000 strong car sharing vehicles in India are expected to grow to 50,000 by 2020, and 150,000 by 2022.
As India finds itself in the unique position of having a population dominated by millennials, it’s no surprise they form a bulk of the market that form the user base for car sharing services. Hyundai, guided by its vision Of ‘Shared’, ‘Connected’ And ‘Zero Emission Mobility, is the first company in India to put into effect .
To begin with, Hyundai pilot project is being kickstarted in Q1 2019, and will be available across six cities – Delhi NCR, Mumbai, Kolkata, Pune, Bangalore and Hyderabad. Hyundai Subscription makes available the choice of flexible ownership plans to customers. Plan flexibility means subscription for short term / long term, and swap across Hyundai range.
This specially created financial tool is offered with zero down payment. Benefits also include no insurance / maintenance for short subscription, including an assured-on demand delivery. For customers who select a plan with one-year subscription or more, only those are assured a brand new car. Those who go for a lesser subscription, might be provided used car.
SJ Ha, Senior Director, Sales & Marketing, Hyundai Motor India Ltd, “We are extremely excited about the Indian mobility landscape currently and foresee great prospects. This strategic alliance will provide a unique opportunity for today’s millennial customers to experience Hyundai’s diverse product offerings that blend with their personality. With our deep understanding of Indian consumers and progressive tech-driven mobility solutions, we aim to forge a new market for the New Age Indians.”
With car makers finding it difficult to sell new cars, they are trying new ways to approach customers. In the last few months, there are multiple car brands who have launched leasing options, some have tied up app-based taxi operators, while some have spoken about subscription based ownership model. Apart from Hyundai, MG India also has announced to launch such a model,
