SANTA MONICA, Calif.--(BUSINESS WIRE)--Autonomy, the nation's largest electric vehicle subscription company, and EV Mobility, LLC., the leading all-electric vehicle car-sharing platform announce they have entered into an agreement whereby once certain conditions are met Autonomy will acquire the technology, assets and customer accounts of EV Mobility. The acquisition will accelerate flexible (hourly, daily, weekly, monthly, and yearly) access to an EV to a broader market by making an electric vehicle available to anyone with a valid driver's license, credit card, and smartphone.
Autonomy has been providing a growing fleet of vehicles to EV Mobility over the last 12 months. "We like and understand the business, and this acquisition will allow us to scale quickly while increasing margins - it's really that simple," said Scott Painter, Founder and CEO of Autonomy.
EV Mobility operates a profitable, B-to-B car-share business that partners with high-end property owners and luxury hotels to provide flexible (hourly/daily) access to an EV as an amenity to their customers. The hotel/property owner covers the monthly cost of the vehicle, insurance, and charging infrastructure. Hourly usage fees are all processed by the customer directly in the EV Mobility app, with a revenue split between the property owner and EV Mobility. The result is a potential 2-5x revenue increase per vehicle with little to no downside risk.
EV Mobility's core technological innovations, including keyless remote activation of accounts and hourly billing, align closely with Autonomy's product roadmap. "EV Mobility represents an immediate benefit to Autonomy in reducing the time, cost, and risk of entering the car-share space," said Martin Prescher, CTO of Autonomy.
EV Mobility is currently under contract with some of the leading hotel operators and high-end property owners in the US, such as Marriott International, Evolution Hospitality, Kor Group, Westgate, Brookfield, Olympus Property, Align Residential, Presidio, Zlife, AMC, Evans Hotels and The Proper Hotels. These partnerships represent thousands of physical locations that can manage multiple (2-5) vehicles each. This pipeline represents a strong "order book" that provides predictable demand for thousands of cars over the coming quarters. "The potential of de-risking our growth by having an installed base of stable property owners as partners holds the promise that we can properly allocate resources to meet the existing demand and scale efficiently," said Redic Thomas, CFO of Autonomy.
"We are excited to join forces with Scott, Georg, and the experienced team at Autonomy. We believe that they have unlocked flexible, simple, and affordable access to an EV with a powerful brand and extraordinary technology," said Ramy El-Batrawi, Founder of EV Mobility.
The financial details of the cash and stock agreement were not disclosed. The transaction is expected to close in Q4, 2023, and will be subject to all regulatory and compliance conditions being met.
About Autonomy
Autonomy is a mission-driven company that uses technology to accelerate the adoption of electric vehicles by making them more accessible and affordable. The company was founded by Scott Painter and Georg Bauer, disruptors in the auto retail, finance, and insurance industries who pioneered the Car-as-a-Service (CaaS) category with the first-ever used-vehicle subscription offering, Fair. Building upon that experience, Autonomy is up-leveling its commitment to carbon neutrality and financial inclusion. Its customers have driven over 11 million miles, saving more than 9.7 million pounds of CO2 from being emitted into the earth's atmosphere. Easier to qualify for than a lease, its low commitment, 100% digital solution allows people to pay monthly on their credit card and aims to get more people driving EVs who otherwise might not be eligible or interested in traditional lease or loan products. And unlike leases of loans, everyone who qualifies is charged the same rate regardless of FICO score. Autonomy believes that the future of mobility is electric. It exists to enable that transition more rapidly through innovations in technology, finance, and insurance. Autonomy relies on partnerships with AutoNation and Tesla to bring easier and more affordable ways for people to access electric vehicles. Autonomy is based in Santa Monica, California.
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About EV Mobility
EV Mobility is the leading all electric vehicle car-sharing platform, providing electric vehicles on-demand through an easy-to-use mobile app. EV Mobility offers EVs as an amenity for luxury hotels, multi-family apartments, and commercial buildings. Through the app, residents or guests access electric vehicles located in their building or hotel, while properties benefit from the added value they can now offer to residents or guests of a low-cost, zero emission electric vehicle on demand. The all-electric car-sharing service began in Los Angeles in 2021 and is presently expanding across other cities.
Evmobility.com
Contacts
Autonomy PR Contacts:
Asher Gold
asher@gold-pr.com
Kai Rodriguez
kai@gold-pr.com
EV Mobility PR Contact:
Laurie DiGiovanni
laurie@evmobility.com
