Autonomy, the electric vehicle subscription company offering consumers the cheapest, fastest and easiest way to get into a Tesla Model 3, is now expanding its vehicle subscription service to the San Francisco Bay Area, with pick-up locations planned in San Jose and San Francisco, the company announced today.
“Northern California is famous as an early adopter market that embraces disruptive new technologies that improve quality of life,” said Scott Painter, CEO & Founder at Autonomy. “We launched commercially in Los Angeles in January and immediately saw a third of our demand from the San Francisco Bay Area. Our digital first and EV focused approach to mobility clearly struck a chord, so it made sense to expand our operations and footprint.”
Autonomy also revealed new pricing, offering an even lower monthly subscription for a Tesla Model 3, which costs less than Tesla’s own lease or a loan. Subscribers can reserve the Model 3 via Autonomy’s app or website with a $100 refundable deposit. The new subscription price includes a flat monthly payment of $490 and $4,900 start payment. Consumers also have the ability to use Autonomy’s payment dial to customize their payment structure from as low as $490 a month with $4,900 start payment to $1,000 a month and as low as $1,000 start payment. A refundable $500 security deposit is required at the time of subscription activation.
Autonomy’s subscription includes traditional ownership costs, including annual registration and license fees, routine maintenance, roadside assistance costs, and tire wear and tear, whereas consumers would have to incur all of those costs for a lease or a loan.
The savings get even bigger if we factor in the fuel costs for a gas-powered vehicle. With average gas prices in California at $5.79, a consumer driving a 25 mpg ICE vehicle at 15,000 miles per year will spend $281 on fuel every month, or $3,376 annually. To compare, electricity expenditures on an EV are $0.248 per kWh, which results in $77.50 monthly, or $930 annually, a 72.5% savings on fuel. When you add the monthly payment to the monthly gas bill, as well as routine maintenance and other fees, an Autonomy Tesla Model 3 subscription represents a savings of about $500 a month.
In addition to the lower price point and savings, Autonomy offers consumers the flexibility to subscribe month-to-month after only a three-month hold period. Autonomy has vehicles in-stock and available for delivery today, so consumers do not have to wait six to nine months as they do for their Model 3 lease or loan.
“Cheaper, faster, and easier are values that resonate with every consumer,” said Georg Bauer, Co-Founder and President at Autonomy. “Our new, lower prices are driving increased EV adoption and have set the stage for expansion into the San Francisco Bay Area today, as well as other markets outside of California in the coming weeks and months.”
Founded by serial auto entrepreneurs Scott Painter, (CarsDirect, TrueCar, Fair), and Georg Bauer (Fair, Tesla, Mercedes-Benz, BMW), Autonomy is the first US company to offer a comprehensive monthly subscription for a Tesla Model 3 and soon other popular EV models and brands. Built on a quick, efficient customer experience, Autonomy’s app allows customers to reserve a vehicle in as little as 10 minutes and schedule their delivery within a week.
Autonomy recently received $83 million in debt and equity financing in support of the expansion.
