Autonomy set to acquire EV Mobility’s assets and technology
American electric vehicle subscription company Autonomy plans to acquire the technology, assets, and customer accounts of EV Mobility, LLC., an all-electric vehicle car-sharing platform. While the financial details are undisclosed, the acquisition is expected to close in Q4, 2023, subject to compliance and regulatory approvals. Scott Painter, Founder and CEO of Autonomy, emphasized the strategic nature of the acquisition: “We like and understand the business, and this acquisition will allow us to scale quickly while increasing margins – it’s really that simple.”
What This Means for Autonomy
Autonomy has supplied a growing number of electric vehicles to EV Mobility over the last 12 months. Martin Prescher, CTO of Autonomy, pointed out the acquisition’s immediate benefits: “EV Mobility represents an immediate benefit to Autonomy in reducing the time, cost, and risk of entering the car-share space.” The deal enables Autonomy to provide electric vehicles on a flexible basis—hourly, daily, weekly, monthly, and yearly—to anyone with a valid driver’s license, credit card, and smartphone.
How EV Mobility Fits Into the Picture
EV Mobility currently operates a profitable B-to-B car-sharing business, partnering with high-end property owners and luxury hotels to offer flexible hourly or daily access to electric vehicles. Revenue is split between property owners and EV Mobility. This business model generates 2-5x revenue per vehicle with minimal risk. Ramy El-Batrawi, Founder of EV Mobility, stated, “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.”
Synergies and Growth Potential
Redic Thomas, CFO of Autonomy, highlighted the growth potential: “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.” EV Mobility’s technological innovations align closely with Autonomy’s product roadmap, including keyless remote activation and hourly billing. EV Mobility has existing contracts with prominent hotel operators and property owners, representing a significant “order book” that assures demand for thousands of cars in the coming quarters.
This acquisition aims to reshape the landscape of the electric vehicle subscription market, targeting a wider customer base and scaling the business efficiently.