Following the success of subscription services for its vehicles in Spain and the UK, Hyundai Motor Europe has announced a partnership with car subscription technology provider Casi to introduce its Mocean range across Europe.
Globally, high purchase costs are seen as one of the key barriers to widespread EV adoption. The global car subscription industry is worth more than US$5bn and is set to grow to over US$100bn by 2032, with a forecasted annual growth rate of 35%. The main providers of car subscription services are car manufacturers, leasing companies, rental agencies and car retailers who are looking to create additional revenue streams and meet new customer demands for flexible personal mobility.
Where traditional leasing periods typically last three years, Mocean subscriptions are available for as little as one month (Spain) and three months (UK) and as long as 24 months. Additional costs normally associated with car ownership, such as insurance, roadside assistance, road tax and maintenance are all included in the monthly subscription fee, and cancellation is available with a one-month notice period.
Through its platform technology, Casi said that it will provide Hyundai Motor Europe with all the tools needed to bring the Mocean subscription service to the next level. The two companies have already began migrating the existing Mocean customer base to the Casi platform and will work together to scale the subscription service to new European markets in the coming months.
Casi’s tech platform contains tools to track and manage the entire lifecycle of a Mocean car running on subscription. This includes back-end systems needed to track and manage fleet status, maintenance, and digital direct distribution sales through the Mocean webshop.
The whitelabel platform integrates with Hyundai’s existing tech landscape, including ID solutions, ERP system, and CRM systems. On the customer-facing end, the new partnership includes automated integrations critical for a smooth experience, such as payments, credit checks, subscription management and customer service.
“We are very excited to announce this partnership with Hyundai Motor Europe. Casi’s tech platform and Hyundai’s ambitions for Mocean are a perfect match. Together, we are able to provide customers with easy and flexible access to a new car, whenever they need it. The UK and Spain are just the beginning,” said Hans Kristian Aas, CEO and co-founder of Casi.
“Hyundai has many years of car subscription experience, making them a very knowledgeable customer with high expectations for what we can deliver. This makes them exactly the kind of customer Casi wants to work with because it allows us to develop our technology and raise the bar for car subscriptions for the entire industry. There is no doubt in my mind that car subscriptions are the future of personal mobility.”
“As a mobility-as-a-service [MaaS] provider as well as a car manufacturer, the Mocean subscription service has been tailored to meet the needs of both our current and future customers, allowing us to bring Hyundai’s award-winning range of advanced electrified vehicles to those wanting to enjoy them with full flexibility, and with comprehensive motoring services included,” added Liran Golan, head of future mobility at Hyundai Motor Europe.