Hyundai Motor Company is moving to formally enter the car-rental business as it upgrades its vehicle-subscription platform and expands further into mobility services.
The company plans to seek shareholder approval on March 26 (local time) to add “automobile rental business” to its corporate objectives at its annual general meeting. The move would allow Hyundai to directly provide vehicles for its subscription program rather than relying solely on third-party rental partners.
A Hyundai official said the addition reflects the company’s consideration of entering the rental business and is intended to develop services organically linked to its new- and used-car operations, offering customers a broader range of mobility options.
Hyundai has operated its subscription program, known as Hyundai Genesis Selection, since 2019. The service allows customers to rent Hyundai and Genesis models on a daily or monthly basis. Until now, Hyundai has overseen platform planning and operations, while affiliated rental-car companies have supplied the vehicles.
Under the revised structure, Hyundai will maintain partnerships with rental firms while also directly supplying subscription vehicles. The shift effectively positions the automaker as a participant in the rental-car market, industry observers say.
The change could significantly expand the range of models available through the subscription service. Currently, fewer than 10 Hyundai models are offered for daily subscriptions, including the Staria minivan, Palisade SUV, Ioniq 5 N, Ioniq 6, Avante N and the Nexo fuel-cell vehicle.
Analysts also expect a gradual expansion of service areas beyond Seoul, Gyeonggi and Incheon, as well as Busan, along with the potential for lower subscription fees as the business scales up.
Affiliate Kia Corporation already lists automobile rental as one of its business purposes and operates Kia Rent-a-Car.
Industry officials say Hyundai is likely to focus on electric vehicles in its subscription fleet, broadening consumer choice and helping accelerate growth in the mobility market.
