Hyundai Capital "Electric Vehicle Lease and Rental Contracts Increase Tenfold"

High Response from MZ Generation

[Asia Economy Reporter Ki Ha-young] The number of customers using electric vehicles through leasing and renting in the second half of this year has increased more than tenfold compared to the first half. In particular, the MZ generation (Millennials + Generation Z) showed a high response to electric vehicles.

Hyundai Capital announced on the 25th that the average number of lease and rent contracts over the three months from July to September increased more than tenfold compared to the average number of contracts in the first half of this year. Recently, the proportion of leasing and renting in Hyundai Capital's online business performance reached 98.2%.

By age group, the response was highest among those in their 20s to early 40s, referred to as the MZ generation. The 40s accounted for the highest at 37%, followed by the 30s (24%), 50s (23%), 60s and above (10%), and 20s (7%). By gender, males accounted for 72% and females 28%, with the proportion of male members more than 2.5 times higher than females. By vehicle model, the Ioniq 5 and EV6 were the most preferred.

Hyundai Capital cited the product competitiveness of leasing and renting itself and the advancement of digital processes aimed at customer convenience as reasons for the explosive growth of lease and rent products compared to the first half. While new car deliveries, including internal combustion engines, require an average wait of eight months, electric vehicles through leasing and renting can be delivered immediately within 14 days.

A Hyundai Capital official said, "Hyundai Capital's lease and rent products are processed digitally from application to delivery," adding, "In March, we simplified the existing process by about 30%, enhancing customer accessibility and convenience."

Meanwhile, Hyundai Capital is also holding an event to celebrate the launch of Genesis's first electrified model, the Electrified G80. The first 100 customers who contract a vehicle through Hyundai Capital's 'Digital Auto Finance' will receive either a 500,000 KRW charging card or premium tinting service worth 800,000 KRW on a first-come, first-served basis.