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Ioniq Unlimited is Hyundai's way to get Millennials to subscribe to a car

Let's state at the outset that a lot of the questions you're going to have about the new Ioniq Unlimited vehicle subscription program from Hyundai will not be answered in this post. This isn't because we didn't ask - we did - but because Hyundai is holding on to those details until some time after the service starts, which will be some time after the first of the year. If we had to guess, we'll get the information we seek at CES in early January. But, hey, we're getting ahead of ourselves. What is Ioniq Unlimited, anyway? It's a subscription service for the all-electric version of the Ioniq. Available only in California (during the pilot program, anyway), Ioniq Unlimited is an Internet-based way to get yourself a 2017 Ionic Electric. There are no negotiations, just a single price that you pay every month. That price includes all sorts of things: registration and Doc fees, recharging fees, unlimited mileage, and scheduled maintenance. Oh, and there's no down payment. Hyundai vice president of corporate and product planning, Mike O'Brien, told AutoblogGreen that the idea here is to appeal to millennials, who like to keep their transactions simple. Sign once, pay once, be done. Hyundai is trying to, "make car ownership as easy as owning a phone," O'Brien said. Maybe that's why the subscription terms are 24 and 36 months. O'Brien would not say if people could cancel early. As for the price, all he would say is that it will be, "very competitive." Yeah, we want more information, too. Whatever they cost, the subscriptions will be good for Hyundai, too, since the cars will be treated like leased vehicles (and thus owned by Hyundai's captive leasing program) and totally counted in the company's CAFE numbers. We'll have more details, well, whenever Hyundai feels like it's time to share. For more information on Vehicle Subscription Services, check out the Complete Guide. Related Video:

Hyundai-Kia forecasts slowest sales growth in 8 years

Even with the arrival of the new Hyundai Genesis Sedan (above) and the expected introduction of at least two other new vehicles in 2014, Hyundai-Kia is estimating its sales will only increase by about 4.1 percent this year. Bloomberg has found that figure, which works out to a total of 7.86 million vehicles worldwide, to be lower than average analyst estimates of eight million vehicles. If the automaker is correct, that figure will represent the most sluggish growth for the Korean brands since 2006.
Based on an exchange rate of 1,050 won to the dollar - right now it's trading at anywhere from 1,050 to 1,052 depending on where you look - Hyundai is predicting a 3.8-percent uptick for sales of 4.9 million units, while Kia is expecting a 4.7-percent uptick for sales of 2.96 million units. That exchange rate is predicted to be part of what will hamper sales this year, with a stronger South Korean won making Japanese cars more price-competitive when cross-shopped. It's unclear how Hyundai derived its exchange rate, but 1,050 won to the dollar almost matches the 52-week high for all of 2013.
The company chairman mentioned a "low growth era" in the world economy, and weaker US sales are rumored to at least part of the reason John Krafcik recently vacated the post of Hyundai Motor America CEO, a post that has been filled by executive vice president of sales, David Zuchowski. That unexpected news capped a year in which two top execs resigned over quality issues and recalls and Hyundai agreed to settle a consolidated lawsuit over inflated fuel economy ratings for $395 million.

S. Korea to raise concerns about EV credits, battery sourcing in U.S. visit

SEOUL — South Korean officials will meet U.S. counterparts this week to express "concerns" about the Inflation Reduction Act, which restricts who can receive U.S. subsidies for the production of electric vehicles and where firms can source battery materials. President Joe Biden signed into law this month a $430 billion bill, seen as the biggest climate package in U.S. history. The law requires that EVs be assembled in North America to qualify for tax credits, ending subsidies for several EV models, and that a percentage of critical minerals used in batteries come from the United States or an American free-trade partner. Automakers like Hyundai Motor face short-term competitive disadvantage to manufacturers of EVs that receive tax credits in the United States, while industry sources said Korean battery makers must make changes to mineral sourcing routes, which could affect cost adversely. South Korean officials are expected to tell counterparts from the U.S. Trade Representative's office and the U.S. Treasury that the new law may violate trade norms such as the U.S.-South Korea free trade agreement and the WTO agreement, the industry ministry said. Korean automakers will consider adjusting production plans to prioritize the construction of U.S. plants for example, the ministry said, while battery makers will seek to diversify where they source minerals from. Under new rules to kick in next year, at least 40% of the monetary value of the critical minerals in batteries will need to come from the United States or an American free-trade partner, with that proportion rising to 80% by 2027. Globally, the treatment of some 58% of lithium, 64% of cobalt and 70% of graphite goes through China, according to ministry data. FALLOUT The new rules are a major complication for battery makers LG Energy Solution (LGES), SK On and Samsung SDI, battery industry sources said. South Korea's LGES supplies Tesla and General Motors, while SK On and Samsung SDI supply Ford Motor and Volkswagen among others. The three battery makers together command more than a quarter of the global EV battery market, according to SNE Research. "It's become a huge headache ... Automaker clients said they didn't expect this new law would take effect this soon," said a South Korean battery industry source.