Autonomy Launches EV Subscriptions in Sacramento, Furthering Its California Expansion

SANTA MONICA, Calif., April 21, 2022 /PRNewswire/ -- Electric vehicle subscription company Autonomy, the cheapest, fastest, and easiest way to get a Tesla Model 3, continues to expand its services in the state of California, adding the city of Sacramento to its market coverage area, the company announced today.

The news comes on the heels of the announcement earlier this week of an expansion of the company's services to Orange County in Southern California. The company also recently launched in San Diego, added the San Francisco Bay Area to its market coverage in March, and had a successful commercial launch in Los Angeles in January.

In a very short time span, the Santa Monica, California-based Autonomy has drawn several hundred active subscribers to its service.

"Our mission is to provide consumers with easy, affordable access to electric vehicles," said Scott Painter, founder and CEO of Autonomy. "California state lawmakers in Sacramento have been working to speed up the adoption of electric vehicles and have been a leader in the deployment of EVs for over 20 years."

In the early 1990s, Sacramento's City Council first established an EV parking program, providing discounted parking to EV drivers in city-owned parking spaces. Since then, the city has been intensively working to provide citizens with public EV charging facilities to support the adoption of low-emissions and zero-emissions vehicles (ZEVs) in the community and in fleet operations. The city of Sacramento has set a goal of reaching 75,000 ZEVs on the road by 2025, and to become the zero-emissions vehicle capital of California.

"California is the car capital of the world and an early adopter of disruptive new technologies that improve quality of life," added Painter. "We began in Los Angeles and are now excited about our launch to the state capital, Sacramento. We are seeing strong consumer demand and are rapidly expanding our presence throughout the state."

Customers eager to drive a Tesla Model 3 will have access to Autonomy's fast, easy, and affordable subscription service. With new pricing announced in March, Autonomy's monthly subscription costs less than Tesla's own leasing or financing plans. Subscribers can reserve a Model 3 via Autonomy's app or website and a $100 refundable deposit. A payment dial allows customers to personalize subscriptions 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 is required when the subscription is activated.

Autonomy's monthly payment covers the traditional costs of ownership, including annual registration and licensing fees, routine maintenance, roadside assistance, and standard wear and tear on tires, which are all 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. 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 within days, compared with the six- to nine-month wait for a lease or loan.

Autonomy is the first U.S. company to offer a comprehensive monthly subscription for a Tesla Model 3, with other popular EV models scheduled in the near future. Founded by serial auto entrepreneurs Scott Painter (CarsDirect, TrueCar, Fair) and Georg Bauer (Mercedes-Benz, BMW, Tesla, Fair), Autonomy is designed to provide a quick and efficient customer experience. A vehicle can be ordered on the app in as little time as 10 minutes and picked up from a vending center the next day or scheduled for delivery within a week.

"Sacramento's goals are in line with Autonomy's and include increasing EV accessibility by removing barriers and encouraging adoption," said Georg Bauer, co-founder and president of Autonomy. "The city has over 600 public and workplace EV charging locations and is one of the first to successfully launch curbside charging. All of this is bound to further promote the use of EVs, making it even more convenient for consumers looking to get an Autonomy subscription."

Autonomy recently received $83 million in debt and equity financing to support its expansion.

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.

Autonomy PR Contacts:

Shadee Malekafzali
Head of Investor Relations and Corporate Communications
[email protected]

Matt Swope
Corporate Communications Manager
[email protected]

SOURCE Autonomy