May 16, 2022 - Business

Startup Ferry expands EV leasing to Austin

Photo: Nathan Laine/Bloomberg via Getty Images

Local startup Ferry announced today that Austinites can begin leasing Tesla Model 3s and Model Ys — the first time the subscription app has made short-term leases on electric vehicles available to its users.

State of play: Ferry launched last year, aiming to make electric vehicle leasing affordable and accessible. The startup announced a $4 million seed round led by Porsche heir Toni Piëch's AMYP Ventures, Venn Ventures, and angel investors Adam Forst and Lisa Besserman.

  • Now, customers can use the Ferry app to pick a Tesla and get the vehicle delivered by June.
  • Ferry's Austin users can already lease Vespa Elettrica scooters, starting at $179 a month.
  • Leases for Teslas range from 6-24 months, with a Model 3 subscription starting at $799 a month and a Model Y starting at $999 per month.

What they're saying: Ferry CEO Kristian Russell said the startup's model will deliver a faster, more direct path for Americans curious about getting behind the wheel of an EV.

  • "Our goal is to get 50% of U.S. drivers driving an e-car by 2025," Russell told Axios. "The only way to do that is to rethink how people have access to these cars and democratize e-mobility for everyone."

Zoom in: Austin offered a welcoming space for EVs and a young, growing population willing to try out the cars, Russell added, explaining why Austin was the perfect city for Ferry's launch.

  • "(Austin) felt to me like it had the right dynamics," Russell said, adding that there are already 2,000 Ferry users on the app, ready for cars to become available. "Austin was a very early decision."

What’s next: Expect Ferry to expand its fleet in the coming months, making more EV brands available in Austin and beyond.

  • Deliveries will start this summer in Los Angeles and San Francisco.

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