"Ioniq 6 Lease Fee Reduced by 1.08 Million Won"… LG Energy Solution and Hyundai Capital Join Hands

Launch of Financial Products Specialized for Electric Vehicles

A financial product that lowers lease prices by reflecting the residual value of electric vehicle batteries is being introduced for the first time.

When leasing a Hyundai Motor Company's 'Ioniq 6' worth about 50 million KRW for 36 months (contracted mileage of 40,000 km), customers can save approximately 30,000 KRW per month, totaling 1.08 million KRW compared to existing products.

On the 31st, Shim Jang-su, Head of Auto Business Division at Hyundai Capital (left), and Kim Tae-young, Head of Service Business Development TASK at LG Energy Solution (right), are posing for a commemorative photo after signing a battery life care service contract at the Park One Building in Yeouido, Seoul.

LG Energy Solution and Hyundai Capital announced on the 1st that they will launch Korea's first electric vehicle specialized financial product, 'Battery Life Care,' which utilizes residual value evaluation technology for used batteries.

Battery Life Care sets a higher residual value for vehicles such as Hyundai Motor Company (Ioniq 5, Ioniq 6), Genesis (GV60), and Kia Motors (EV6) when customers use them through lease or rental methods, thereby reducing the monthly payment burden. Additionally, benefits are provided to customers with excellent battery management.

While existing related products evaluate the vehicle price at the end of the contract based on cumulative mileage, Battery Life Care evaluates it based on the value of the 'used battery,' lowering the monthly usage fee burden.

Moreover, a battery management target score (My Reward Score), calculated according to actual cumulative mileage and battery health status, is assigned. If the target score is achieved by the contract expiration, customers can receive a benefit of 300,000 KRW upon vehicle return.

This product utilizes LG Energy Solution's cloud-based battery management and evaluation, advanced data analysis technologies, and more. LG Energy Solution has received favorable reviews, including winning the '2023 National Service Award,' by launching the battery management app service for electric vehicle drivers called 'B-Life Care.'

Furthermore, LG Energy Solution plans to provide customers with various information related to battery life, such as real-time driving data, driving habits, and charging patterns, through a battery self-diagnosis device.

Hyundai Capital will first offer the Battery Life Care product to corporate customers, with individual customers able to use it starting in December.

An LG Energy Solution official said, "We expect this collaboration between LG Energy Solution, which has customer value capabilities in battery diagnostic solutions, and Hyundai Capital, a leading automotive finance company, to bring new innovation to the battery service business (BaaS) market."