Autonomy to acquire EV Mobility LLC and expand its electric car-sharing business

Autonomy, the nation’s largest electric vehicle subscription company, has announced that it will acquire the technology, assets and customer accounts of EV Mobility, LLC., the leading all-electric vehicle car-sharing platform.

The deal will allow Autonomy to offer flexible access to an EV to anyone with a valid driver’s license, credit card, and smartphone, and to scale its business quickly while increasing margins.

EV Mobility operates a profitable car-share business that partners with high-end property owners and luxury hotels to provide an EV as an amenity to their customers. The property owners cover the monthly cost of the vehicle, insurance, and charging infrastructure, while the customers pay hourly usage fees in the EV Mobility app. The revenue is split between the property owner and EV Mobility, resulting in a potential 2-5x revenue increase per vehicle.

EV Mobility’s core technological innovations, such as keyless remote activation of accounts and hourly billing, align closely with Autonomy’s product roadmap. EV Mobility also has contracts with some of the leading hotel operators and high-end property owners in the US, representing thousands of physical locations that can manage multiple vehicles each. This pipeline provides predictable demand for thousands of cars over the coming quarters.

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.

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