Friday, January 21, 2022

NextCar Offers Up Tesla Model 3 Subscription

Santa Monica-based NextCar Holding Company (NXCR), the vehicle subscription company led by auto- and tech-veterans Scott Painter and George Bauer, said late Thursday that the company has launched a new, Tesla Model 3 EV subscription program through its new, consumer brand called Autonomy. NextCar recently made an acquisition of the Autonomy brand, Autonomy.com, and related trademarks and brand IP, as well as raised $83M in a debt and equity round. NextCar said that Autonomy's Tesla Model 3 subscription program includes a month-to-month contract, with a three month minimum term, with a "start fee" of $5,500, and payments as low as $550 per month; the alternative is a "start fee" of around $1000 an monthly payments of $1000. CEO Scott Painter says the offering comes as "electric vehicles have reached a tipping point", calling the Tesla Model 3 "this generation's Prius". Painter previously founded such companies as Fair and TrueCar.