The largest US-based EV subscription service, Autonomy, announced Wednesday it will be teaming up with Nova Credit to make it easier for customers with little to no credit to qualify to drive an electric vehicle.
Autonomy was rebranded earlier this year with the mission of giving people the financial flexibility to drive an electric vehicle without committing to the long-term costs of ownership.
Rather than outright buying or leasing an EV, Autonomy allows consumers to subscribe and drive in less than 10 minutes. The process is fully digital through the Autonomy app or the company’s website.
You can drive the EV as long as you like, paying a monthly fee and returning it when finished, while Autonomy owns the car. Autonomy started with 100 Tesla Model 3’s in January with plans to have 10,000 by the end of the year.
Scott Painter, cofounder and CEO of Autonomy, is well aware of car prices after founding TrueCar, a vehicle listing company. At that time, Painter explained:
Electric vehicles have reached a tipping point, and it’s clear that the Tesla Model 3 is this generation’s Prius. Financial responsibility and the avoidance of debt is also at an inflection point and subscriptions have become a pervasive, sustainable business model and a cornerstone of modern digital life.
In July, Electrek reported Autonomy was adding around 200 EVs per week, including Tesla Model Y models. Perhaps, the most important milestone so far was the massive order for 23,000 electric vehicles from Tesla, VW, Ford, GM, Hyundai, Rivian, Polestar, and more in August.
Autonomy’s latest partnership with Nova Credit will allow more people to experience zero-emission EV driving even with little or no credit history.
Autonomy electric Tesla vehicle / Source: Autonomy
Autonomy enabling EV driving through financial inclusivity
The new partnership will combine Autonomy’s simple application process with Nova Credit’s lending tools, allowing more people to qualify for a subscription, particularly those with “thin” or no credit.
As Autonomy expands its network, it believes the new process will help “sustain rapid yet qualified customer growth.”
A Consumer Reports study finds over a third of Americans are considering buying an EV. On the other hand, the purchase cost was one of the most significant factors for those who didn’t plan to buy an EV.
Autonomy plans to solve this problem by integrating Nova Credit’s underwriting solution, Cash Atlas, allowing potential customers to increase their chances of getting approved. The company says it will now be able to “automate credit risk decisioning” directly from a customer’s bank data instead of traditional credit reports, which are often months behind.
Painter commented on what he looks to accomplish with the new partnership, stating:
Being able to automate the underwriting decision for customers that don’t have traditional credit histories, yet represent a great customer fit for our product, is the goal of this partnership.
Before adding:
Implementing Nova Credit’s Cash Atlas™ product will allow us to look beyond the traditional definitions of creditworthiness and help get more customers access to electric vehicles while ensuring that the performance of our subscription fleet remains radically better than traditional auto finance.
According to Autonomy, the company currently offers subscription options for Tesla Model 3 and Tesla Model Y. Meanwhile, the subscription EV company will soon have the entire Tesla lineup and several other popular EV models from nearly every automaker.
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes a new ONYX RCR 80V electric moped, new lightweight e-bike motors, Aventon’s powerful update, California cops catching illegal e-bike riders with drones, a super lightweight new e-bike from Dahon, and more.
Today’s episode is sponsored by CYCROWN, an e-Bike company born from a passion for cycling. Its lineup now includes the new CYCROWN Dremax – a high-performance urban commuter e-bike now on sale in the US and Canada. Use Electrek50 to save $50 off your new eBike when you order.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
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While much of the Western world is still figuring out how to get more people on electric bikes, China just flipped a switch, and the results are staggering. Thanks to a generous nationwide trade-in program rolled out around six months ago, China has seen an explosive surge in electric bicycle sales, with over 8.47 million new e-bikes hitting the road in the first half of 2025 alone.
The program, which offers subsidies to riders who trade in their old, often outdated electric bikes for newer, safer, and more efficient models, has sparked a new e-bike sale boom in a country already dominated by e-bike travel. In major provinces like Jiangsu, Hebei, and Zhejiang, over one million new e-bikes were sold in each region in just six months. That’s a tidal wave of e-bike sales.
The incentives vary depending on location and the model being traded in, but for many consumers, the subsidies cover a substantial portion of a new e-bike’s price – enough to turn a “maybe next year” purchase into a “right now” upgrade. And these aren’t just budget bikes either. The program has driven demand for higher-quality models with better batteries, safer braking systems, and more reliable electronics, accelerating both adoption and innovation across the industry.
The move has proven successful in replacing the millions of older models with lower-quality lithium-ion batteries that had posed safety risks around the country. Instead, China has pushed for higher-quality lithium-ion batteries, a return to a newer generation of higher-performance AGM batteries, and even interesting new sodium-ion battery options.
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Most e-bikes in China look more like what we’d consider seated scooters
According to China’s Ministry of Commerce, more than 8.4 million consumers have participated in the e-bike trade-in program so far, contributing to a sales increase of 643.5% year-over-year and more than doubling sales month-over-month. Meanwhile, production of new electric bicycles rose by nearly 28%, as manufacturers scrambled to meet demand. The sales boosts have already been seen in the financial reports of major industry players like NIU.
And it’s not just the big players benefiting – over 82,000 small independent e-bike dealers reported average sales increases of ¥302,000 (around US $42,000), giving a serious boost to local economies.
What’s particularly striking here is how fast this happened. The program was officially launched late last year as part of a broader effort to stimulate domestic consumption and phase out outdated vehicles and appliances. But while most analysts expected gradual growth, the e-bike sector responded much more quickly. In less than a year, the trade-in subsidies have reshaped the electric bicycle market, creating a consumer-driven boom that shows no signs of slowing.
For those of us watching from outside China, it’s hard not to wonder what might happen if other countries tried something similar. While most families in Chinese cities already own an electric bike and thus see this as an opportunity to trade it in for a newer model, Western countries like the US are still figuring out how to stimulate commuters into buying their first e-bike.
It’s too soon to know exactly how long the boom will last or whether the momentum will carry into 2026 and beyond. We’ve seen bicycle industry bubbles grow and burst before. But one thing’s clear: with the right incentives, even modest ones, it’s possible to ignite real, large-scale change. China just proved it with nearly 8.5 million new e-bikes to show for it.
And if you’re wondering what it looks like when a country takes electric micromobility seriously, this is it.
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Today was the official start of racing at the Electrek Formula Sun Grand Prix 2025! There was a tremendous energy (and heat) on the ground at NCM Motorsports Park as nearly a dozen teams took to the track. Currently, as of writing, Stanford is ranked #1 in the SOV (Single-Occupant Vehicle) class with 68 registered laps. However, the fastest lap so far belongs to UC Berkeley, which clocked a 4:45 on the 3.15-mile track. That’s an average speed of just under 40 mph on nothing but solar energy. Not bad!
In the MOV (Multi-Occupant Vehicle) class, Polytechnique Montréal is narrowly ahead of Appalachian State by just 4 laps. At last year’s formula sun race, Polytechnique Montréal took first place overall in this class, and the team hopes to repeat that success. It’s still too early for prediction though, and anything can happen between now and the final day of racing on Saturday.
Congrats to the teams that made it on track today. We look forward to seeing even more out there tomorrow. In the meantime, here are some shots from today via the event’s wonderful photographer Cora Kennedy.
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