Startup Ferry expands EV leasing to Austin
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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.
- Tesla officially moved its headquarters to Austin late last year, and Travis County has led the electric car boom, with more EVs owned in the county than in any other county in Texas, according to a recent report by clean air advocates.
- "(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.