Connect with us
Elon-musk-tesla-south-korea-president-yoon Elon-musk-tesla-south-korea-president-yoon

News

Tesla’s Model 3 is the first EV to make top 10 leased vehicles list

(Credit: Tesla)

Published

on

The Tesla Model 3 has made it onto a list of the top 10 most-leased vehicles in the U.S., becoming the first electric vehicle (EV) to do so.

According to new Experian data in a report from Automotive News, Tesla’s Model 3 sedan became the seventh-most commonly leased vehicle in the U.S. in the second quarter. Demand for the electric sedan was largely propelled by price cuts and EV tax credits. At the top of the list were the Ford F-150, the Honda CR-V and the Nissan Rogue.

The Model 3 accounted for just 1.79 percent of new vehicles that were leased in the quarter, and as many as one in four Model 3 sales were on lease for a 14-point increase from last year’s Q2. The top three leasing vehicles, the F-150, CR-V and Rogue, made up a combined share of 7.26 percent of all new leased vehicles.

Credit: Automotive News

Melinda Zabritski, senior director of automotive financial solutions at Experian, says it isn’t typical for a car like the Model 3 to make this list, adding that it’s usually comprised of higher-volume vehicles with leases.

“In the EV space, there is so much change and so many new models coming out that leasing can be a good way to have the vehicle for a short period of time,” Zabritski said. “An EV lease is a great way to avoid any of those ownership concerns that consumers might have.”

According to Automotive News, the leasing rate for the Model 3 surpassed the overall new vehicle lease rate of 21.3 percent, as well as the EV lease rate, which landed at roughly 21.2 percent. Zabritski notes that current lease rates are still far below peak levels achieved in 2018 and 2019 when the overall leasing rate jumped over 30 percent.

Advertisement
-->

The news of the Model 3’s inclusion on the most leased vehicles comes as Tesla prepares a $1.8 billion lease securitization process this week. The process will entail Tesla bundling up several of its auto leases to be sold off as bonds, generating an alternative source of funding without the automaker needing to wait until lease money trickles in.

Some think that Tesla may also use the funding to create even shorter-term leases than it currently offers.

Earlier this year, Tesla also debuted a new seven-year financing option in addition to its three-, four-, five- and six-year leases.

Tesla reduces Model 3 inventory prices in the U.S.

What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send your tips to us at tips@teslarati.com.

Advertisement
-->

Zach is a renewable energy reporter who has been covering electric vehicles since 2020. He grew up in Fremont, California, and he currently lives in Colorado. His work has appeared in the Chicago Tribune, KRON4 San Francisco, FOX31 Denver, InsideEVs, CleanTechnica, and many other publications. When he isn't covering Tesla or other EV companies, you can find him writing and performing music, drinking a good cup of coffee, or hanging out with his cats, Banks and Freddie. Reach out at zach@teslarati.com, find him on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

Advertisement
Comments

News

Tesla lands approval for Robotaxi operation in third U.S. state

On Tuesday, Tesla officially received regulatory approval from the State of Arizona, making it the third state for the company to receive approval in.

Published

on

Tesla has officially landed approval to operate its Robotaxi ride-hailing service in its third U.S. state, as it has landed a regulatory green light from the State of Arizona’s Department of Transportation.

Tesla has been working to expand to new U.S. states after launching in Texas and California earlier this year. Recently, it said it was hoping to land in Nevada, Arizona, and Florida, expanding to five new cities in those three states.

On Tuesday, Tesla officially received regulatory approval from the State of Arizona, making it the third state for the company to receive approval in:

Tesla has also been working on approvals in Nevada and Florida, and it has also had Robotaxi test mules spotted in Pennsylvania.

The interesting thing about the Arizona approval is the fact that Tesla has not received an approval for any specific city; it appears that it can operate statewide. However, early on, Tesla will likely confine its operation to just one or two cities to keep things safe and controlled.

Over the past few months, Robotaxi mules have been spotted in portions of Phoenix and surrounding cities, such as Scottsdale, as the company has been attempting to cross off all the regulatory Ts that it is confronted with as it attempts to expand the ride-hailing service.

It appears the company will be operating it similarly to how it does in Texas, which differs from its California program. In Austin, there is no Safety Monitor in the driver’s seat, unless the route requires freeway travel. In California, there is always a Safety Monitor in the driver’s seat. However, this is unconfirmed.

Advertisement
-->

Earlier today, Tesla enabled its Robotaxi app to be utilized for ride-hailing for anyone using the iOS platform.

Continue Reading

News

Tesla ride-hailing Safety Monitor dozes off during Bay Area ride

We won’t try to blame the camera person for the incident, because it clearly is not their fault. But it seems somewhat interesting that they did not try to wake the driver up and potentially contact Tesla immediately to alert them of the situation.

Published

on

Credit: u/ohmichael on Reddit

A Tesla Robotaxi Safety Monitor appeared to doze off during a ride in the California Bay Area, almost ironically proving the need for autonomous vehicles.

The instance was captured on camera and posted to Reddit in the r/sanfrancisco subreddit by u/ohmichael. They wrote that they have used Tesla’s ride-hailing service in the Bay Area in the past and had pleasant experiences.

However, this one was slightly different. They wrote:

“I took a Tesla Robotaxi in SF just over a week ago. I have used the service a few times before and it has always been great. I actually felt safer than in a regular rideshare.

This time was different. The safety driver literally fell asleep at least three times during the ride. Each time the car’s pay attention safety alert went off and the beeping is what woke him back up.

Advertisement
-->

I reported it through the app to the Robotaxi support team and told them I had videos, but I never got a response.

I held off on posting anything because I wanted to give Tesla a chance to respond privately. It has been more than a week now and this feels like a serious issue for other riders too.

Has anyone else seen this happen?”

My Tesla Robotaxi “safety” driver fell asleep
byu/ohmichael insanfrancisco

The driver eventually woke up after prompts from the vehicle, but it is pretty alarming to see someone like this while they’re ultimately responsible for what happens with the ride.

Advertisement
-->

We won’t try to blame the camera person for the incident, because it clearly is not their fault. But it seems somewhat interesting that they did not try to wake the driver up and potentially contact Tesla immediately to alert them of the situation.

They should have probably left the vehicle immediately.

Tesla’s ride-hailing service in the Bay Area differs from the one that is currently active in Austin, Texas, due to local regulations. In Austin, there is no Safety Monitor in the driver’s seat unless the route requires the highway.

Tesla plans to remove the Safety Monitors in Austin by the end of the year.

Advertisement
-->
Continue Reading

News

Tesla opens Robotaxi access to everyone — but there’s one catch

Published

on

Credit: Tesla

Tesla has officially opened Robotaxi access to everyone and everyone, but there is one catch: you have to have an iPhone.

Tesla’s Robotaxi service in Austin and its ride-hailing service in the Bay Area were both officially launched to the public today, giving anyone using the iOS platform the ability to simply download the app and utilize it for a ride in either of those locations.

It has been in operation for several months: it launched in Austin in late June and in the Bay Area about a month later. In Austin, there is nobody in the driver’s seat unless the route takes you on the freeway.

In the Bay Area, there is someone in the driver’s seat at all times.

The platform was initially launched to those who were specifically invited to Austin to try it out.

Advertisement
-->

Tesla confirms Robotaxi is heading to five new cities in the U.S.

Slowly, Tesla launched the platform to more people, hoping to expand the number of rides and get more valuable data on its performance in both regions to help local regulatory agencies relax some of the constraints that were placed on it.

Additionally, Tesla had its own in-house restrictions, like the presence of Safety Monitors in the vehicles. However, CEO Elon Musk has maintained that these monitors were present for safety reasons specifically, but revealed the plan was to remove them by the end of the year.

Now, Tesla is opening up Robotaxi to anyone who wants to try it, as many people reported today that they were able to access the app and immediately fetch a ride if they were in the area.

We also confirmed it ourselves, as it was shown that we could grab a ride in the Bay Area if we wanted to:

Advertisement
-->

The launch of a more public Robotaxi network that allows anyone to access it seems to be a serious move of confidence by Tesla, as it is no longer confining the service to influencers who are handpicked by the company.

In the coming weeks, we expect Tesla to then rid these vehicles of the Safety Monitors as Musk predicted. If it can come through on that by the end of the year, the six-month period where Tesla went from launching Robotaxi to enabling driverless rides is incredibly impressive.

Advertisement
-->

Continue Reading