Want to try an EV out before committing? EV micro leases are gaining popularity
If you want to try an EV out before getting locked into a long-term contract, there’s an option for you. EV micro leases are taking off, giving shoppers added flexibility with new models launching next year.
Are you waiting for that new electric SUV coming out next year? Or, perhaps, you don’t want to commit to a long-term contract.
Either way, EV micro leases may be an option for you. In October, Polestar launched its Flexible Lease program. The new option eliminates the worst part of leasing a vehicle – being locked in.
Polestar is making it easier than ever for you to try out an EV before committing to a long-term contract. The Flexible Lease program allows you to end the lease after five months (and five payments) with no early termination penalty (there is a $450 disposition fee).
Through the program, the 2024 Polestar 2 Long Rang Single Motor variant is available to lease for $349 per month for up to 24 months. That’s with $5,349 due at signing.
The Polestar 2 Long Range features up to 320 miles range and 205 kW DC fast charging. Gregor Hembrough, head of Polestar North America, explained that the new program allows “customers to lease a Polestar vehicle with the flexibility not normally permitted by a traditional lease.”
This makes it a “great option for customers new to EVs or those looking to bridge the gap as they await a Polestar 2, Polestar 3, or Polestar 4 on order.”
Polestar adds flexibility with EV micro leases
“Let’s put it this way: It’s an extended test drive,” Hembrough explained. With several highly anticipated electric models like the Polestar 3, Chevy Equinox, next-gen Hyundai IONIQ 5, and more coming next year, Hembrough said Polestar had to “step up to the plate.”
With many customer leases expiring, Polestar’s EV micro lease offers that “bridge” for those waiting for new models.
Although the short-term car lease is not new, it’s being re-introduced as the auto industry shifts to electric.
Polestar isn’t alone, either. AutoNation, which runs around 250 US dealerships, also recently began offering micro leases in six or 12-month options. Ivan Mihov, vice president of mobility, said, “The three-year lease doesn’t work for everybody.”
“With EVs in particular, obviously, there are a lot of people on the fence,” Mihov added. The short-term lease option allows buyers to try it before getting into a long-term commitment.
Since launching its flexible lease program, around half of Polestar buyers have enrolled. Hembrough admits that “100% of my customers are conquests,” meaning the EV maker needs to get creative to win customers.
Polestar says it will extend the program to its upcoming Polestar 3 and 4 models. Andy Axelrod, who manages retail programs and subscriptions at Volvo Car USA, said he expects participation to increase with the EX30 and EX90 rolling out next year.
The Polestar 3 will begin production in early 2024, with deliveries expected to begin in Q2. It will feature up to 300 miles range with a starting price of around $85,000.
Electrek’s Take
Polestar was smart to introduce a short-term lease option. For one, it’s a new brand in the US with a product that’s still new to many shoppers.
By offering micro leases, Polestar is getting buyers into its vehicles. If you’ve ever driven an EV, you know that’s all it takes to never go back to a gas-powered vehicle again. Polestar understands this, too, and believes its EVs will help in the industry’s transition.
A big reason Polestar is able to do this is through a loophole in the IRA’s EV tax credit that enables automakers to pass on the $7,500 through leasing.
Although short-term leases didn’t work for automakers like Audi, BMW, Cadillac, and Ford, it’s a new era, and buyers are looking to test the latest technology. It can be an expensive program to run, but to get buyers into a new vehicle, it may just be worth it.
Source: Bloomberg
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Tesla’s retro-futuristic diner with Superchargers and giant movie screens is ready to open, and I have to admit, it looks pretty sick.
This project has been in the works for a long time.
In 2018, Elon Musk said that Tesla planned to open an “old school drive-in, roller skates & rock restaurant at one of the new Tesla Supercharger locations in Los Angeles.” It was yet another “Is he joking?” kind of Elon Musk idea, but he wasn’t kidding.
A few months later, Tesla applied for building permits for “a restaurant and Supercharger station” at a location in Santa Monica. However, the project stalled for a long time, apparently due to local regulations.
Nevertheless, Tesla still moved forward with a Supercharger at the location, but it had to move the diner project to Hollywood. In 2022, Tesla filed the construction plans with the city, giving us the first look at what the automaker intends to build.
In 2023, the automaker broke ground on the site of the diner.
7 years after being originally announced, the project appears now ready to open:
Musk said that he ate at the diner last night and claimed that it is “one of the coolest spots in LA.” He didn’t say when it will open, but Tesla vehicles have been spotted at Supercharger and people appear to be testing the dinning experience inside.
A Tesla Optimus Robot can be seen inside the diner on a test rack. It looks like Tesla might use one for some tasks inside the diner.
Earlier this year, Tesla integrated the diner into its mobile app – hinting at some interaction through the app – possibly ordering from it.
Electrek’s Take
I think it looks pretty cool. I am a fan of the design and concept.
However, considering the state of the Tesla community, I don’t think I’d like the vibes. That said, it looks like Tesla isn’t prominently pushing its branding on the diner.
You can come and charge there, but it looks like Tesla is also aiming to get a wider clientele just for dining.
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Hyundai’s electric minivan is finally out in the open. The Staria EV was caught without camo near Hyundai’s R&D center in Korea, giving us a closer look at the electric minivan undisguised.
Hyundai’s electric minivan drops camo ahead of debut
The Staria arrived in 2021 as the successor to the Starex, Hyundai’s multi-purpose vehicle (MPV). Although the Staria has received several updates throughout the years, 2026 will be its biggest by far.
Hyundai will launch the Staria EV, its first electric minivan. Like the current model, the 2026 Staria will be available in several different configurations, including cargo, passenger, and even a camper version.
We’ve seen the Staria EV out in public a few times already. Last month, we got a glimpse of it while driving on public roads in Korea.
Despite the camouflage, new EV-like design elements were visible, including updated LED headlights and a full-length light bar. Although it’s still unclear, the electric version appears to be roughly the same size as the current Staria from the side, but slightly wider from the front.
New images posted on the South Korean forum Clien reveal a test car, expected to be Hyundai’s Staria electric minivan, without camo.
Like most Hyundai test cars, the prototype has a black front and a grey body. It still features a similar look to other prototypes we’ve seen, but you can clearly see the new facelift.
Earlier this year, a Staria EV was spotted in a parking lot in Korea, featuring a similar look. The electric version is nearly identical to the Staria Lounge, but with an added charge port and closed-off grille.
The Hyundai Staria EV is expected to make its global debut later this year. Technical details have yet to be revealed, but it’s expected to feature either a 76 kWh or 84 kWh battery, providing a range of around 350 km (217 miles) to 400 km (249 miles).
Hyundai’s electric SUV arrives after Kia introduced its first electric van, the PV5, which launched in Europe and Korea earlier this year.
In Europe, the Kia Passenger PV5 model is available with two battery pack options: 51.5 kWh and 71.2 kWh, providing WLTP ranges of 179 miles and 249 miles, respectively. The Cargo version has a WLTP range of 181 miles or 247 miles.
Source: TheKoreanCarBlog, Clien
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