Hyundai is giving buyers who elect to purchase or lease a new EV through its captive finance arm a free ChargePoint Level 2 home charger valued at $549 and a credit of $600 toward installation.
September 22, 2023 09:47 AM
Hyundai is sweetening the deal for car shoppers considering swapping for an all-electric lifestyle.
For buyers in certain markets who elect to purchase or lease a new Ioniq 5, Ioniq 6 or Kona Electric through its captive finance arm, Hyundai will include a free ChargePoint Level 2 home charger valued at $549 and a credit of $600 toward installation.
Electric vehicle adoption has been growing but plateaued in the first half of the year. According to new-vehicle registration data from Experian, EV share of the market rose steadily in 2021 and 2022, but has run consistently around 7 percent this year.
And it’s not outpacing the fast growth of gasoline vehicle sales as production returns following a post-pandemic supply crunch.
Cooled demand suggests consumers are still hesitant to make the change. EVs require a high upfront cost compared with gasoline-powered vehicles, and macroeconomic factors such as higher interest rates coupled with tighter lending have sidelined many buyers.
Additionally, the fear of running out of battery energy without access to a charger is perpetuated by the lack of a universal charging infrastructure. Consumers worry about an EV’s range and where they might be able to charge on commutes or longer road trips.
Hyundai and some other automakers lost access to a $7,500 federal tax incentive after the Inflation Reduction Act made half the credit dependent on whether an EV’s battery is manufactured or assembled in North America and the other half on whether the materials are sourced in the U.S. or from a free-trade agreement partner.
The automaker expects that by giving buyers affordable access to home charging installation, the transition from gasoline to electric will be more palatable for reluctant shoppers.
José Muñoz, CEO of Hyundai Motor North America, said in a statement that while Hyundai is “focused on offering a wide range of high-quality EVs for our customers,” the company is aware of the unknowns surrounding the public charging infrastructure and how a home charge could alleviate consumer concerns.
Customers who opt in to the complimentary ChargePoint program can arrange for delivery and local installation of their charger via the Hyundai Home Marketplace, a platform designed to serve as a “one-stop shop” for Hyundai EV owners looking to electrify their transportation as well as purchase solar panels and home energy storage systems.
The platform is powered by home electrification marketplace Electrum, a network that specializes in connecting consumers with experts on green energy who can advise on suitable third-party-manufactured home products and facilitate the purchase and installation process with local vendors.
Hyundai’s overall mission is to streamline home electrification for consumers who want to become less reliant on grid power.
The offer runs through Oct. 31. Buyers must schedule the in-home installation within 90 days to cash in on the deal.
Hyundai Home Marketplace is only available by referral of dealers in select markets.
