EV buzz: Autonomy places $1.2B electric vehicle order as it looks to grow subscription service

Aug. 09, 2022 12:19 PM ETTesla, Inc. (TSLA), ANF, GM, TM, BMWYY, MBGAF, FUJHY, GOEV, RIVN, FSR, LCID, PSNY, VLVOFBy: Clark Schultz, SA News Editor60 Comments

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Electric vehicle subscription startup Autonomy placed an order for 23K electric vehicles with 17 global automakers to expand and diversify its subscription fleet beyond just Tesla (NASDAQ:TSLA) vehicles.

The fleet order of $1.2B includes EVs from BMW (OTCPK:BMWYY), Canoo (GOEV), Fisker (FSR), Ford (F), General Motors (GM), Hyundai (OTCPK:HYMTF), Lucid Group (LCID), Mercedes-Benz (OTCPK:DDAIF), Polestar (PSNY), Rivian (RIVN), Stellantis (STLA), Subaru (OTCPK:FUJHY), Tesla (TSLA), Toyota Motor (TM), VinFast, Volvo Car (OTCPK:VLVOF) and Volkswagen (OTCPK:VLKAF).

The criteria for the EVs in the program are an MSRP range of $26,595 to $122,440, a battery range minimum of 250 miles minimum, fully connected telematics, and included only vehicles that will be available to purchase before the end of 2023.

The Santa Monica, California-based company launched its subscription service in January. Autonomy currently has 1,000 cars, all of which are Tesla (TSLA) models.

Autonomy plans to leverage its recently announced partnership with AutoNation (NYSE:AN). The retailer 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.

Autonomy subscriptions are being advertised as an easier and more affordable way to get an EV. Autonomy subscribers have the flexibility to subscribe month to month after a three-month minimum hold period. Autonomy vehicles are available for delivery or pickup within weeks, compared with the six- to nine-month wait for a loan or lease.

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