Hyundai Casper EV undercuts gas-powered rivals with new battery lease plan

Hyundai continues making EVs more affordable. After introducing a new Battery Care Lease plan in Korea, Hyundai said Casper EV prices rival gas-powered models in its class.

The Casper Electric is already one of Korea’s cheapest vehicles (gas-powered or EV), starting at just $20,000 (27.4 million won).

Launched last week, Hyundai’s new Casper Electric Premium can be bought for under $8,000 (10 million won) with incentives.

However, Hyundai is making it even more affordable. After introducing a new “Battery Care Lease Plan” in August, Hyundai announced Monday that over 50% of Casper Electric lease customers used the new service.

The program was created with LG Energy Solution to lower the threshold for drivers to go electric. By estimating the average lifespan of Casper Electric models to be ten years, Hyundai covers the remaining value through “advance purchases.”

Hyundai said the battery lease plan allows “customers to use Casper Electric at an economical price compared to internal combustion vehicles of the same class.”

Hyundai Casper EV gets cheaper with new battery plan

Through the Hyundai Capital app, drivers can check their vehicle’s battery status, driving and charging habits, and more.

If the figures meet specific targets, drivers can earn up to $225 (300,000 won) when returning their vehicle once the lease ends. A Hyundai Capital official said the new Casper EV battery plan is a way to “reduce the financial burden on consumers,” adding it plans to add new products in the future.

After launching the battery plan, Hyundai said the Casper EV could be leased for around $200 per month (273,000 won). That’s cheaper than the gas-powered (1.0T Inspiration), which costs around $215 (287,000 won) per month.

Hyundai’s Casper EV starts at around $20,000 (27.4 million won) in Korea, with a range of up to 195 miles (315 km).

In Europe, it’s known as the Hyundai Inster EV and has a WLTP range of up to 221 miles (355 km). Hyundai’s mini electric SUV starts at around $30,000 (£23,500) overseas.

Unfortunately, Hyundai is not planning to bring the low-cost EV to the US. However, it recently launched a new “Ultra-Fast” 13-month lease offer on the 2024 IONIQ 5.