EV subscription fleet order valued at $1.2B
SANTA MONICA, Calif. - August 9, 2022 (Investorideas.com Newswire) Autonomy™, the nation's largest electric vehicle subscription company, today placed an order for 23,000 electric vehicles with 17 global automakers to expand and diversify its subscription fleet beyond Tesla. The fleet order is valued at $1.2B.
"Tesla was certainly the right launch partner for Autonomy given their dominance in the electric vehicle market today," said Scott Painter, founder and CEO of Autonomy. "With every automaker going all-in on electric and so many exciting new products coming to market in the next 6 to 18 months, we have placed our fleet order and are excited to expand our subscription lineup and make it easier for consumers to make the transition to electric."
The 23,000 order represents 1.2% of the projected U.S. electric vehicle production through the end of 2023 and was designed to fit into the forecast production envelopes of each automaker.
Autonomy's order was placed with the fleet departments of the following automakers: BMW (OTCMKTS: BMWYY), Canoo (Nasdaq: GOEV), Fisker (NYSE: FSR), Ford (NYSE: F), General Motors (NYSE: GM), Hyundai (OTCMKTS: HYMTF), Kia (KRX: 000270), Lucid (Nasdaq: LCID), Mercedes-Benz (FRA: MBG), Polestar (NASDAQ: PSNYW), Rivian (NASDAQ: RIVN), Stellantis (NYSE: STLA), Subaru (FUJHY), Tesla (Nasdaq: TSLA), Toyota (NYSE: TM), VinFast, Volvo (OTCMKTS: VLVLY) and Volkswagen (OTCMKTS: VWAPY).
Following are the primary selection criteria for the order:
Autonomy will leverage its recently announced national partnership with AutoNation, Inc. (NYSE: AN), the largest retailer in the U.S. for the acquisition and intake of the majority of these vehicles. AutoNation will provide vehicle preparation, delivery services, and subscriber activation, as well as maintenance, repair, and reconditioning services for Autonomy's growing subscription fleet of electric vehicles. In preparation for order fulfillment, Autonomy has mapped vehicle deliveries to corresponding AutoNation franchise and AutoNation USA locations closest to the automakers' distribution centers in areas with the largest density of EV registrations.
"Electric vehicles cost far more than gas-powered vehicles and most consumers will simply not make the switch to an EV without highly compelling value propositions," added Painter. "Autonomy subscriptions deliver an easier and more affordable way to get an EV, and this is why we believe that subscriptions will be the predominant contract by which consumers adopt electric vehicles from every automaker."
Today, Autonomy offers the Tesla Model 3 and Tesla Model Y and will soon add the full Tesla lineup. Autonomy's subscription model offers the cheapest, fastest, and easiest way to get an electric vehicle, and it does not require the long-term debt or commitment that comes with buying or leasing. Autonomy subscribers can pay their subscription entirely on their credit card or through their bank account. They have the flexibility to subscribe month to month after a three-month minimum hold period. Consumers can subscribe to an electric vehicle entirely in app (Google Play Store or Apple App Store) and customize their monthly payment to meet their budget. Additionally, Autonomy vehicles are available for delivery or pickup within weeks, compared with the six- to nine-month wait for a loan or lease.
The detailed order for each automaker is available upon request.
Autonomy is a technology company on a mission to make access to mobility easy and affordable through car subscriptions. The company was founded by auto retail, auto finance, and auto insurance disruptors Scott Painter and Georg Bauer, who founded Fair, the first-ever used-vehicle subscription offering, pioneering the Car-as-a-Service (CaaS) category. Building upon that experience, Autonomy has created a turnkey vehicle subscription platform for consumers and the automotive industry that enables vehicle subscriptions to scale profitably and become a mainstream alternative to traditional car buying. Autonomy is innovating through technology, finance, and insurance to power car subscriptions for the battery, electric vehicle, and zero-emissions vehicle sectors. Autonomy relies on partnerships with automakers and brick-and-mortar car dealerships to provide benefits to both consumers and the industry. Autonomy represents freedom from long-term debt, freedom from long-term commitments, and even freedom from fossil fuels. It means new choices and more control over your financial well-being. Autonomy is based in Santa Monica, California.
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