- Fleet orders for 45 electric vehicle models from 17 automakers worldwide
- Expected delivery within six to eighteen months
- Order represents 1.2% of the estimated U.S. production of electric vehicles through the end of 2023.
Autonomy, the largest electric vehicle subscription company in the United States, has placed an order with 17 global automakers for 23,000 electric vehicles to expand and diversify its subscription fleet beyond Tesla. The fleet order is worth $1.2 billion.
“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 orders represent 1.2% of the projected U.S. electric vehicle production through the end of 2023 and were designed to fit within each automaker’s projected production envelope.
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).
The primary selection criteria for the order are as follows:
- Range of MSRP: $26,595 to $122,440
- Battery Range: 250 miles minimum (with some exceptions)
- Telematics: Completely linked
- Production Forecasts: Vehicle will be available for purchase before the end of 2023, according to production forecasts.
- Residual Values: The models with the highest anticipated resale values.
Autonomy will utilize its recently announced national partnership with AutoNation, Inc. (NYSE: AN), the largest retailer in the United States, for the majority of these vehicles’ acquisition and intake. AutoNation will provide vehicle preparation, delivery services, and subscriber activation, in addition to maintenance, repair, and reconditioning services for Autonomy’s expanding fleet of electric vehicles available for subscription. In preparation for order fulfillment, Autonomy has mapped vehicle deliveries to AutoNation franchise and AutoNation USA locations closest to automakers’ distribution centers in regions with the highest density of electric vehicle 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.”
Autonomy currently offers the Tesla Model 3 and Model Y, and will soon offer the entire Tesla product line. Autonomy says the subscription model offered by them is the least expensive, quickest, and simplest way to acquire an electric vehicle, and it does not require the long-term debt or commitment associated with purchasing or leasing. Subscribers to Autonomy can pay for their subscriptions entirely with a credit card or a bank account. After a three-month minimum hold period, they have the option to subscribe month-to-month. Consumers can subscribe to an electric vehicle via app and tailor their monthly payment to their budget. In addition, Autonomy vehicles are available for delivery or pickup within weeks, as opposed to six to nine months for loans or leases.