Hyundai Motor enters electric car-sharing market

By Korea Herald
  • Published : Feb 21, 2017 - 16:25
  • Updated : Feb 21, 2017 - 18:18

Hyundai Motor is rolling out a car-sharing service alongside Hyundai Capital, with the launch planned for this April, the firm said Tuesday.

The first models to be offered will be electric cars, before further expanding, the company said.

Chang Jae-hoon (right), a senior vice president of the customer value division at Hyundai Motor, and Lee Byung-hui, a vice president of the auto business division at Hyundai Capital, pose at the signing of the memorandum for electric car-sharing services. (Hyundai Motor Group)

“Hyundai Motor will contribute to the expansion of the eco-friendly car market by introducing car-sharing services, mainly offering electric car models, together with Hyundai Capital,” said Chang Jae-hoon, a senior vice president of the customer value division at Hyundai Motor, during the signing of a memorandum of understanding with Hyundai Capital.

Full-fledged car-sharing services were introduced here in 2012 and are growing in popularity among the younger generation, as customers can access a car when in need without having to purchase one.

According to Hyundai Motor, the local car-sharing market was valued at 180 billion won ($157.3 million) in terms of sales last year, compared to 600 million won in 2011.

Hyundai said its on-demand service will allow customers to choose where to pick up and drop off the vehicles, as well as offer a car cleaning system and strengthened security.

Hyundai Motor will be in charge of supplying electric vehicles, such as the brand’s electric car Ionic, along with marketing. The auto firm plans to gradually expand the number of models offered.

Hyundai Capital will operate the service platform based on know-how gained through managing nationwide car rental and lease services, the company said.

The two firms have not yet decided on the size of the service and which regions it will cover.

Hyundai Motor recently ran a car-sharing test drive event with 100 units of its electric vehicle Ionic for free last December.

The automaker also released 400 units of the Ionic in North America for a free car-sharing test drive event last month, seeking to raise awareness of the electric vehicle.

By Kim Bo-gyung (