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.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
