Hyundai says Australian consumers will see value in paying more for its Elexio than they would for a BYD Sealion 7, suggesting the marginal increase in a weekly novated lease cost is countered by its heritage and dealer network.
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That's the word from Hyundai COO, Gavin Donaldson, who told CarsGuide that Hyundai's footprint in Australia justified the price jump from a BYD Sealion 7 into an Elexio, with both electric SUVs being sourced from China.
According to Hyundai's data, approximate weekly novated lease costs for the Elexio Elite are around $205 per week, compared to around $200 for the entry-level Sealion 7. The brand's data also has the Tesla Model Y at $216 per week, the Kia EV5 at $204 per week, and the Xpeng G6 at $199.
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That $5 per week, or $260 per year, is easy to "justify", says Mr Donaldson.
"I would hope that the infrastructure of the Hyundai dealer network across Australia would justify that. I would hope that, anywhere across the country, if you're driving a Hyundai EV, that you know you have the support of a network that has been in the country for 50 years.
"We are a legacy brand in Australia. We have been here for 40 years. As you said earlier, we've been involved in creating EVs for 35 years. I have to believe that the service and the background of your dealer network provides you with a benefit."
Novated leasing does close the RRP gap between the Elexio and the Sealion 7. The Hyundai model launches with the top-spec elite, which lists at $61,990 but is being offered at $59,990 drive-away until around the end of March. It will be joined in Q2 by an entry-level model which will list at $58,990.
The Sealion 7 lists at $54,990, and then steps up to the $63,990 for the Performance model.
Both models are sourced from China, with the Elexio produced in a factory Hyundai describes as its most advanced in the world. In China, the Elexio's starting price converts to around $30,000, but the brand is quick to point out that cross-country prices never correlate to local pricing.
"Doing these cross-country price comparisons don't apply to any manufacturer in the market right now," says Hyundai's Product Planning Assistant Manager, Ronald Yuwono.
"We think that the price we've got here is quite compelling."
