Many manufacturers in India, are looking at alternate ownership models that both meet customers needs but also meet costs. To that end, Hyundai and self-drive car rental service provider- Revv have announced a collaboration by which Hyundai cars will make Hyundai cars available for purchase through a flexible ownership plan which can be had for both short and long term plans. Not only will customers be able to fully own and experience a Hyundai car of their choice but through this model, customers can also switch cars from the Hyundai portfolio to cater to their need, without any down payment. The company has also announced that they will not charge for insurance or maintenance from a customer who has opted for a short term investment. If you want a brand new car, however, you will have to opt for a longer subscription, starting from one year on.
Speaking on the announcement SJ Ha, Senior Director, Sales & Marketing, Hyundai Motor India Ltd expressed his excitement on entering the space in the changing Indian mobility landscape currently and foresee great prospects. This strategic alliance will provide a new ownership model for millennial customers to experience Hyundai's diverse product offerings that blend with their personality. Ha also said that their deep understanding of the evolving Indian customer has to lead to them forging a new market that will appeal to new age Indians.
As of now, the subscription-based car leasing service has been started as a pilot project in select cities. Hyundai and rev will focus on 6 six in the initial phases like the Delhi-NCR, Mumbai, Pune, Kolkata, Bengaluru and Hyderabad and haven't mentioned anything about the expansion plan yet. The project will start in Q1 2019. Going forward, we feel that many other manufacturers might follow suit, like in many international markets across the globe.