Hyundai's investments in India's car-sharing platform follows similar investments made earlier during the year by Ford as well Mahindra & Mahindra in Zoomcar.
Hyundai Motor India, country’s second largest car manufacturer and the largest exporter since inception, on Friday announced the launch of a subscription programme called ‘Hyundai Subscription’. This industry first exclusive strategic partnership of Hyundai with Revv (a self-drive car-sharing company) will provide an opportunity to the customers to experience Hyundai product portfolio, with hassle-free ownership, flexibility and limited commitment through subscription-based ownership model.
The pilot project that will kick-start in Q1 2019 will be available across six cities (Delhi NCR , Mumbai, Kolkata, Pune, Bengaluru and Hyderabad), said a press release.
It may be recalled that in August 2018, South Korean auto major Hyundai Motor Company had acquired a stake in Revv for an undisclosed amount. Hyundai’s investments in India’s car-sharing platform follows similar investments made earlier during the year by Ford as well Mahindra & Mahindra in Zoomcar. Hyundai Motor, which is the only automotive company among Revv’s investors, will explore ways to support Revv’s car-sharing service, including the supply of car-sharing products, the development of new mobility service platforms and product marketing.
‘Hyundai Subscription’ will provide the customers to opt for flexible ownership plan that includes subscription for short term/long term, swap across Hyundai range and avail it under zero down payment, no insurance/maintenance for short subscription, including an assured-on demand delivery. Customers opting for one-year subscription or more will get an assured new car.
S J Ha, senior director (sales & narketing), Hyundai Motor India, said, “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.”
Commenting on this launch, the Revv founders stated: “We are excited about launching India’s first exclusive car subscription programme along with Hyundai. This is an innovative offering, which will change the way people access mobility in the future. This also helps to deepen our relationship with our strategic partners – Hyundai. As one of India’s leading car-sharing companies, we will continue to innovate, and create newer offerings for our customers.”
The shared mobility space is evolving at an exponential rate, from $900 million in 2016 to $1.5 billion in 2018 and it is projected to touch $2 billion by 2020. India’s 15,000 car-sharing vehicles are expected to grow to 50,000 by 2020 and 150,000 by 2022. Currently, millennials, who are substantial users of car-sharing services, comprise 35% of the total population of India.
Hyundai has been enhancing its mobility services in major locations worldwide and is committed to offering smarter value to customers to cope with the rapidly-shifting paradigm in the automotive industry.