Autonomy expands EV subscriptions to San Francisco Bay area

Autonomy, an EV subscription company, has expanded its vehicle subscription service to the San Francisco Bay area, with pick-up locations planned in San Jose and San Francisco.

Autonomy says its 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.

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. A refundable $500 security deposit is required at the time of subscription activation.

Autonomy offers consumers the ability to subscribe month-to-month after a three-month hold period. Autonomy recently received $83 million in debt and equity financing in support of the expansion.

BorgWarner has agreed to acquire the electric vehicle solution, smart grid and smart energy businesses of Hubei Surpass Sun Electric (SSE). The transaction has an enterprise value of up to RMB 410 million (approx. $59.36 million).

Headquartered in Xiangyang, Hubei province, China, SSE’s electrification business supplies patented electric vehicle charging solutions to customers in China and more than 70 other countries. SSE says it has delivered over 50,000 charging points and has led the engineering, procurement, and construction (EPC) of more than 250 charging station sites. SSE’s charging and electrification capabilities in China are expected to complement BorgWarner’s existing capabilities in Europe and North America, the companies say. SSE’s 2022 revenues for the electrification business are expected to be approximately RMB 180 million (approx. $26.06 million).