Hyundai Expanding Successful Subscription Service in Europe
Hyundai Connected Mobility is developing its car subscription service, Mocean, with ambitious plans to expand into new European markets. Already a success in Spain and the UK, the service recently launched in Germany.
Why Hyundai is betting on subscriptions
At a time when some manufacturers, such as Volvo and Lynk & CO, are abandoning or revising their subscription offers, Hyundai is banking on flexibility and a new approach to car use. The Mocean service gives consumers access to over 40 Hyundai models, with a monthly fee that includes insurance, maintenance and taxes.
According to Liran Golan, Director of Mobility Services at Hyundai Connected Mobility, “The younger generation is no longer motivated by car ownership. We have to adapt to this reality.”
Promising results in Germany
In Germany, the car subscription market is expected to grow at an annual rate of 33.5 percent between now and 2030. Hyundai plans to achieve profitability through a strategy based on logistics optimization, dealer network utilization and lean management, with little marketing expenditure.
Hyundai’s service appears better positioned than other similar ones thanks to the absence of registration fees, as well as flexible contracts ranging from one month to several years.
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