Hyundai Motor India shares slip to Rs 1,745, down over 10 pc of IPO price
Shares of Hyundai Motor India, that were listed at Rs 1,931 apiece, have slipped more than 10 per cent from its IPO price.
Hyundai India’s cars will now be available on a subscription basis, through a tie-up it has established with self-driving rental company Revv. The service is initially available in six cities – Delhi NCR , Mumbai, Kolkata, Pune, Bangalore and Hyderabad. This is the first phase, and will also act as pilot project. Cars will be available on monthly or yearly basis.
Customers who opt for a monthly subscription will have two options – either to rent the car during weekdays only or the entire week. The fee will differ for each option and according to the car as well. Customers will only be required to pay a flat monthly fee. Maintenance and insurance charges will be taken care of by Revv. Customers will also have the option of swapping between different models, based on their requirement.
To give you an idea of how much it will cost, here is an example. The total expenses for renting a Hyundai Santro (MT) in Pune for one month is Rs 25,789. Out of this, Rs 5,000 is a refundable security deposit. There is a Rs 300 doorstep delivery & pickup fee also which is included in the price.
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If you select the yearly option, the scenario changes a bit. First, you will receive a brand new car. This is because after a lock-in period of 12 months, you will have the option of buying the car by paying a certain amount. However, Revv will only take care of your maintenance charges when you opt for a yearly subscription. You will be liable to pay the insurance premiums yourself.
Again, taking the example of a Santro, a customer will be required to pay between Rs 15,790 and Rs 22,190 for the first 12 months, depending on the model you choose. In case of the Santro Magna, you can buy the car after a lock-in period of 12 months by paying Rs 3,82,850 (3.83 lakh). This amount will vary depending upon when you choose to buy the car after the initial lock-in period. The maximum time you can rent a car for under this scheme is 48 months.
Revv is offering Hyundai’s entire lineup in India for subscription. However, cars will be offered on the basis of availability. Would you opt to subscribe a car and not buy one? Let us know in the comments below.
(Source: www.cardekho.com)
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