U.S. Markets closed
  • S&P 500

    3,825.33
    +39.95 (+1.06%)
     
  • Dow 30

    31,097.26
    +321.83 (+1.05%)
     
  • Nasdaq

    11,127.84
    +99.11 (+0.90%)
     
  • Russell 2000

    1,727.76
    +19.77 (+1.16%)
     
  • Crude Oil

    108.46
    +2.70 (+2.55%)
     
  • Gold

    1,812.90
    +5.60 (+0.31%)
     
  • Silver

    19.77
    -0.51 (-2.50%)
     
  • EUR/USD

    1.0426
    -0.0057 (-0.5422%)
     
  • 10-Yr Bond

    2.8890
    -0.0830 (-2.79%)
     
  • Vix

    26.70
    -2.01 (-7.00%)
     
  • GBP/USD

    1.2103
    -0.0072 (-0.5930%)
     
  • USD/JPY

    135.1750
    -0.5530 (-0.4074%)
     
  • BTC-USD

    19,318.62
    -1,022.19 (-5.03%)
     
  • CMC Crypto 200

    420.84
    +0.70 (+0.17%)
     
  • FTSE 100

    7,168.65
    -0.63 (-0.01%)
     
  • Nikkei 225

    25,935.62
    -457.42 (-1.73%)
     

Autonomy EV Subscription Expands to Monterey, Santa Cruz, and Nearby Cities

·5 min read

SANTA MONICA, Calif., June 23, 2022--(BUSINESS WIRE)--Autonomy, the electric vehicle subscription company that offers the cheapest, fastest, and easiest way to get a Tesla Model 3, and soon other models and brands, is now available to residents in Monterey, Santa Cruz, and other nearby cities.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220623005801/en/

Autonomy’s subscription model offers a new radical solution to the rising demand for electric cars. An additional advantage is the company’s stock of Model 3s that are available for delivery or pickup within weeks (while supplies last), compared with the six- to nine-month wait for a lease or loan. (Photo: Business Wire)

"Mass EV adoption in California continues to be a top priority for state and local officials, but the cost of EVs continues to rise, making them out of reach for many consumers," said Scott Painter, founder and CEO of Autonomy. "In order for the state to reach its goal of 1.5 million zero-emissions vehicles, there need to be more affordable, flexible, and easier ways to get behind the wheel of an EV. That’s where Autonomy comes in. With a flexible month-to-month subscription after their first three months, consumers adjust their monthly payment and start payment to fit their budget and lifestyle needs. From there, they keep the car for three months or three years and beyond; it’s all up to them."

Gas prices continue to rise, but electricity as a fuel source is much cheaper for consumers, in comparison. As of the date of this release, the average price of a gallon of gas in Monterey is priced at just over $6.58, costing the average consumer $75 to fill up their gas tank. Over 80% of consumers charge up from the comfort of their homes, using residential electricity rates. For consumers using a Tesla Supercharger, the cost is approximately 25 cents per kWh, totaling under $25 for a full charge. Monterey and Santa Cruz counties together have more than 250 charging stations, including 15 Tesla Supercharger stations.

How to Subscribe:

  1. Download the Autonomy app in the Apple App Store (Android coming soon).

  2. Scan your driver’s license and add a digital form of payment and your insurance information to determine eligibility.

  3. Make your payments through the app.

  4. Schedule your pickup or delivery.

"The automotive industry is in a place of transformative change that is fueling interest and adoption of the subscription model," said Georg Bauer, co-founder and president of Autonomy. "Consumers now have a digital experience that does not increase their debt burden or punish them with higher rates. With Autonomy, all qualified consumers are offered the same payment scale, and it does not show up as debt on their credit report."

A payment dial allows customers to personalize their Model 3. Subscriptions range from as low as $490 per month with an initial $4,900 start fee, to $1,000 per month with an initial $1,000 start fee. A $500 refundable security deposit and taxes are required when the subscription is activated. Subscribers can start to reserve their car via Autonomy’s app with a $100 refundable deposit.

Autonomy’s monthly payment covers the traditional costs of ownership, including annual registration and licensing fees, routine maintenance, roadside assistance (limitations apply), and standard wear and tear on tires, which are usually additional expenses with a traditional lease or loan.

Adding to the cost advantage, Autonomy drivers have the flexibility to subscribe month to month after a three-month minimum hold period and 28 days’ notice to cancel. The platform is a viable market option for those who do not want or cannot afford the long-term commitment of buying or leasing an electric car.

Autonomy’s subscription model offers a new radical solution to the rising demand for electric cars. An additional advantage is the company’s stock of Model 3s that are available for delivery or pickup within weeks (while supplies last), compared with the six- to nine-month wait for a lease or loan.

Consumers may also benefit from local tax and utility incentives and discounts on toll roads for driving an electric vehicle.

ABOUT AUTONOMY

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220623005801/en/

Contacts

Autonomy PR Contacts:
Shadee Malekafzali
Head of Investor Relations and Corporate Communications
shadee@autonomy.com

Matt Swope
Corporate Communications Manager
matts@autonomy.com