Fiat cut the cost of its 2024 500e lease deal by 35% compared to last month, while Subaru trimmed $50/month from its long-standing zero-down lease deal on the 2024 Solterra Premium. Both EVs now boast average monthly lease costs that undercut nearly every new vehicle lease on the US market, electric or otherwise.
Fiat is currently advertising a 36-month lease on the 500e that’s $199/month, $2999 due at signing, which calculates to an average monthly cost of just $277/month plus tax and license. Those are by far the best 500e lease terms we’ve seen since the pandemic. Back then, circa 2019, about $250/month was enough to lease the original 500e, a spartan 84-mile runabout incapable of fast charging. Today’s all-new 500e (MSRP $34,095) is much improved, with a 141-mile range, DC fast charging, a 10-inch center display that hosts a modern infotainment system, and a slightly roomier cabin. Aesthetically, the two-door front-drive four-seater pays proper homage to its ancestors with a beautifully retro-styled body and dashboard that seamlessly blends the old with what’s new. Shortcomings, besides its short range? Well, cargo space aft of the rear seats measures eight cubic feet. Small perhaps, but on par with its competition, namely the two-door MINI Cooper Hardtop SE.
Need something bigger? If you’ve got two more bucks to spare every month and are willing to forego freshly designed, artfully sculpted Italian coachwork, take a look at a Solterra. Subaru dropped the monthly on a 2024 Solterra Premium lease down to $279/month for 36 months. That’s with zero down, so its average monthly lease cost is – yeah, you guessed it – $279 per month. Compared to the 500e, those two bucks will net two more doors, room for one more passenger, and three times the cargo volume (23.8 cu ft) behind the rear seats. Capable of sprinting from zero to 60mph in 6.5 seconds and traveling 228 miles on a full charge, the $46,220 SUV also provides better straight-line performance and a longer range. Oh, and the Solterra lease comes with a 10K mi/year allowance, which is 2500 miles more than the 500e lease.
2024 Subaru Solterra
Playing for keeps? According to the fine print in Subaru’s ad, the Solterra Premium lease comes with an option to buy at the end of its three-year term for $20,390. So with the $279 initial payment at signing plus 35 monthly payments of $279 (subtotal $10,044) added to a buyout of $20,390, the Solterra can be owned for a total of $30,434 before tax and license. That’s $15,786 below MSRP! For many EVs, treating a lease as if it’s a loan with a balloon payment can save thousands versus paying cash or financing, thanks to huge lease incentives that pass the entire commercial clean vehicle Federal tax credit to the consumer.
Doing the same math on the Fiat 500e lease yields similar results. Adding its $1999 initial payment due at signing to 35 subsequent monthly payments of $199 equals a subtotal of $8964 after three years. According to the lease calculator on leasehackr.com, a 36-month lease on the 2024 500e with a 7500 mi/year allowance has a 52% residual. Multiplying that residual with a $34,095 MSRP calculates to a buyout of $17,729 at lease end. So all-in, the 500e can be owned for just $26,693 before tax and license, which is $7402 less than ponying up the cash up front.
The Fiat 500e and Subaru Solterra are now the second and third cheapest factory EV leases in the nation, bested only by the Vinfast VF8, which has been at the top of our list of Manufacturer lease offers since last month.
Vinfast VF8
At $199/month for 36 months and $894 due at signing, the 264-mile VF8 in Eco trim has an average monthly lease cost of just $218/month. Will Fiat and Subaru eventually offer leases that approach an average monthly cost of $200/month? Perhaps, but for now, some Subaru dealers are stepping up with their own discounts $6000 or more that could result in eye-popping Solterra lease terms. There are a few Fiat dealers discounting the all-new 500e by up to $4100, but it’s unclear if these discounts are already applied to the factory lease deal since the fine print in Fiat’s ad does mention that the terms require “dealer participation”.
Need help finding a great deal in your area on these EVs? Use the links below:
Due to Tesla still referring to them as “new, more affordable models”, many people believed that Tesla would still bring to market new, cheaper models.
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In fact, the automaker initially stated that it would arrive in the “first half of 2025.”
The new stripped-down Model Y is codenamed E41 and is expected to feature cheaper materials and fewer features than the normal Model Y, which starts at $45,000 in the US.
It is expected to be similar to what Tesla did with the new base Model 3 in Mexico, which features cloth materials instead of vegan leather, lacks a rear display, has no ambient lighting, and features a less advanced audio system.
However, we now learn that the new affordable Model Y will go further than a cheaper interior.
Green, a well-known Tesla hacker who often reveals new features in vehicles through looking deep in firmware updates, claims to have uncovered new details about the upcoming Model Y E41 through the latest Tesla firmware update.
Simplified model Y “E41” that was sighted live now appears in the firmware too. They will have two audio options: “essential” and “essential with commodity” Backup camera would lose a heater no “airwave” in console E41 fascia (performance will also get a fascia update)
The details are somewhat limited as he has to decode them from the firmware, but here’s the full list of what he has found out about the new cheaper Model Y:
“Essential” and “essential with commodity” audio packages
Backup camera without heater
No “air wave” in the center console, which likely means no air flow control for the second row
A new front fascia
Simplified fiberglass headliner
Simplified cabin lighting (footwell only)
Simplified seat controls (single axis)
No power mirror folding
No puddle lamps
No glass roof
No second row display
No Tire Pressure Monitoring System
Simplified 18″ wheels
Downgraded suspension
Tesla has yet to confirm when the new Model Y version will launch, but we previously reported that Tesla is likely waiting for Q4 as it is enjoying strong demand in Q3 from the end of the federal tax credit in the US.
Electrek’s Take
I like “simplified”. I don’t know if the term comes from Green or Tesla, but it certainly works better than “stripped-down,” even though it is also accurate based on what we are learning about the new version.
This didn’t work with the Cybertruck. Tesla quickly discontinued the “simplified” version, but the Cybertruck was already much less popular than Model Y.
I don’t know. This could work. It depends entirely on pricing. If it brings the base price down to $35,000, I can see some people going for it.
However, it will likely devalue Tesla’s “premium” brand and the Model Y significantly.
Also, most of the demand is likely going to come from Model Y buyers in the first place – cannibalizing Tesla’s own sales.
In short, it’s more of a placeholder to slow down the degradation of Tesla’s EV business amid its shift to autonomous driving and robotics, rather than a solution to return to EV growth. That’s a bummer.
Tesla needs brand-new EV models. It’s plain and simple.
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For decades, Briggs & Stratton has helped keep the lights on after the storm with its gas-powered generators. Now, the company is bringing that legacy into the modern electric era with a home backup battery — and a new partnership with EG4 is making it easier than ever to integrate Briggs’ batteries into your home solar setup.
That dependability makes the EG4 inverters favorites among “preppers” as well. Its 18KPV inverters are EMP-hardened, promising reliable performance even after Electromagnetic Pulse (EMP) events that would disable other electronics.
“Our collaboration with Briggs & Stratton combines EG4’s advanced energy storage systems with their proven generator and storage technologies to give customers more ways to achieve reliable, uninterrupted power,” said James Showalter, founder and CEO of EG4. “With this partnership we are making it easier than ever to build the right solution for energy independence.”
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Simplify, SimpliPHI
SimpliPHI battery storage; via Briggs & Stratton.
Briggs & Stratton’s SimpliPHI battery packages start with one, two or three SimpliPHI-branded 6.6 kW batteries, designed as modular components to deliver a range of power options tailored to how much of the home or business the user wants to keep powered power during an outage. Is that 25% of their normal energy usage? 100%? Just add more batteries.
The companies explain that, with a 200A pass-thru for easy integration into most homes’ main service panels, the Briggs & Stratton + EG4 home solar battery system can be scaled up to 18 batteries for 119.7 kWh of energy storage and a maximum continuous power of 84 kW, or up to 90 hours of power at 100% load.
“We are excited to expand our closed-loop integrations with EG4,” explains Sequoya Cross, vice president of energy storage for Briggs & Stratton Energy Solutions. “We have been consistently impressed with their approach to the market, innovative design choices and products that reliably serve their customers.”
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Porsche has announced a delay in some future EV models, which parent company VW says will cost it $6B in forward profits. It’s doing this amid a global boom in EV sales, instead committing to an inferior powertrain choice that will only make it more irrelevant as a company.
The world auto industry is currently electrifying rapidly. That electrification is largely being led, in this moment, by Chinese players, who are offering low-cost EVs with the latest battery and infotainment technology, not held back by a century of old-style combustion-engine thinking or by entities in government that are actively trying to kill their own country’s competitiveness.
The rapid rise in Chinese EVs has caught Western automakers by surprise, even though it has been clear for more than a decade that EVs are the way to go (as we’ve been saying here at Electrek for that entire time).
It’s resulting in huge disruptions in the global automotive market, with Western automakers being squeezed out of overseas markets, and even having trouble selling to their own domestic markets. Western countries have responded with emergency tariffs (a concept which never really helps), but Chinese brands continue to grow in Europe.
Remember: Xiaomi makes smartphones. Meanwhile, Porsche has been making cars for a century (and its founder even made a hybrid in 1902).
And so, in recognition of the fact that Chinese brands are eating their lunch, Porsche and VW have just announced that… they’re going to move even slower.
When competition moves too fast, keep up by… moving slower?
Porsche CEO Oliver Blume (who is also CEO of parent company VW) cited the “massive changes within the automotive environment,” on a call on Friday, some of which are detailed above in this article. His response to these massive changes, though, is to go in the opposite direction.
Porsche said it would slow down its EV rollout, delaying the launch of some EVs, and instead offering a planned ultra-luxury SUV positioned above the Cayenne as a combustion or hybrid model, rather than an electric one. An electric version may still come later, though.
Availability of current combustion engine models, including the Panamera, will be extended into the 2030s.
Porsche said as a result of these changes, its forward margin outlook would drop, and VW said that this would result in a reduction of around $6 billion in profits for 2025.
The move also reportedly has thrown the VW/Rivian software partnership for a loop, as VW’s new commitment to polluting combustion models means it will have to find another source for software, since Rivian’s software is meant for EVs, not combustion vehicles.
According to Manager Magazin, there is even a possibility that VW’s doomed internal software project, Cariad, will have to be tapped to build software for these combustion models.
Cariad was the darling of former VW CEO Herbert Diess, who was one of the industry’s most ardent EV advocates. But difficulties with Cariad resulted in Diess being ousted and replaced by Blume, who reorganized the division, adding significant irony to the situation that Cariad may now be thrust into increased relevance due to Blume’s delay in EV models.
Porsche is in opposite world on EV demand
Porsche says that “weak demand” for EVs is forcing it to make this move, even though EV demand continues to rise globally and specifically in Europe and Germany where Porsche calls home. EV sales are up 30% year-to-date in Europe and up 43% in Germany, along with being up 27% globally.
Porsche has seen sales declines itself this year, but those sales declines occurred in territories where EV sales are booming the most (Germany, China), and were driven by declines in sales of Porsche’s combustion models, not its EV models. In fact, electrified Porsche sales are up, while combustion-only sales are down.
CEO Oliver Blume said that he’s counting on “more flexibility” from the EU to soften its emissions standards and allow Porsche to keep putting these polluting vehicles on the road – vehicles which will continue to poison you well into the 2050s.
Blume says this despite the EU’s commitment last week to maintain the emissions targets Blume wants changed, and despite Blume’s cohort, Gernot Döllner who is CEO of Audi (also a VW subsidiary), correctly stating that bickering over emissions standards is “counterproductive” and that “the electric car is simply the better technology.” The EU did say it will review its 2035 zero-emission target early, but seemed open to only minor flexibility.
Meanwhile, climate change continues apace
Meanwhile, the background of all of this is that climate change (which transportation is the largest contributor to in rich countries) continues apace, and that polluting vehicles continue to poison humans globally in costly and destructive ways.
The world needs a solution to climate change, and the faster that solution comes the better. No matter how expensive it seems it might be to solve the problem that we collectively have spent the last century and a half causing (and have supercharged in the last 30 years), that cost will only get higher as time goes on and as more damage is done.
Many studies have pointed out that the faster we solve this problem, the cheaper it will be to fix, so every moment lost as a result of companies misjudging trends and committing to more-polluting models while hoping government will change to let them continue to pollute only represents more cost, death, and disruption for humanity and for all species on Earth.
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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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