Hyundai Motor's battery subscriptions set to boost EV growth

Hyundai Motor Group’s battery subscription model for electric vehicles (EVs) is expected to significantly lower upfront costs and accelerate broader EV adoption across the nation, once the carmaker proves the project's economic feasibility, industry officials said Wednesday. The automaker plans to launch the demonstration project in the first half of this year, targeting corporate taxi fleets whose vehicle warranties have expired. Once it proves successful, the firm will then expand the range of the service to individual EV customers. The program centers on separating EV battery ownership from the vehicle. For example, the price of Kia’s EV6 for corporate taxi use dropped to 18.6 million won ($12,700) last year when the battery cost was excluded. Customers instead pay about 1.4 million won per month as a battery subscription fee, which the carmaker says is lower than the typical monthly cost of LPG fuel. Hyundai Motor Group will operate the pilot service with five IONIQ 5 taxis driving in the Seoul metropolitan area. The carmaker will focus on assessing the economic feasibility of tWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times