"Drive Kona EV for 10,000 Won a Day"…Hyundai Motor Launches Electric Vehicle Exclusive Installment Promotion

Up to 55% Car Price Deferral and Benefits Including Minimum 1.9% Interest Rate Applied

2020 Kona Electric (Photo by Hyundai Motor Company)

[Asia Economy Reporter Kim Ji-hee] Hyundai Motor Company announced on the 9th that it will launch the 'E-Lite Installment Promotion,' allowing customers to purchase the Kona Electric and Ioniq Electric with a daily payment of 10,000 KRW and no down payment.

The E-Lite Installment Promotion is an electric vehicle exclusive purchase program that offers benefits to individuals and sole proprietors buying the Kona Electric and Ioniq Electric, including ▲up to 55% deferment of the vehicle price without any down payment restrictions ▲a minimum interest rate of 1.9% ▲waiver of early termination fees.

If customers use this promotion to purchase the Kona Electric Modern trim, 55% of the vehicle price of 46.9 million KRW will be deferred until the last month of the 36-month installment period. Excluding the electric vehicle purchase subsidy of 12.7 million KRW (based on Seoul city), the remaining 8.5 million KRW and interest on the deferred amount will be charged at a 2.5% interest rate, resulting in a monthly payment of about 300,000 KRW, or approximately 10,000 KRW per day. Using the same method, purchasing the Ioniq Electric N trim will allow customers to buy the vehicle for about 7,000 KRW per day.

Since there are no early termination fees, customers can freely repay according to their financial situation. If customers wish to exchange their vehicle at the end of the installment period, a service guaranteeing up to 55% of the vehicle purchase price as the used car price is also provided.

Hyundai Motor plans to alleviate charging costs by offering customers who use this promotion one of the following benefits: a free home charger for personal electric vehicles or an electric vehicle charging card with 300,000 points.

A Hyundai Motor official stated, "We expect this promotion to reduce the initial costs and installment payments associated with purchasing electric vehicles and lower the barriers to electric vehicle ownership."

This content was produced with the assistance of AI translation services.