Tesla now offers lease buyouts – after saying it would keep cars as robotaxis
Tesla has started offering lease buyouts on all its vehicles, allowing customers who lease a Tesla to purchase their vehicle at the end of the lease term. But this represents a pullback from its previous autonomous vehicle ambitions.
In yet another end-of-week (well, at least in the US, due to Thanksgiving) release of Tesla news, Tesla has updated its webpage for lease-end options to describe a new option for Tesla leasers: the ability to purchase your car at the end of your lease term.
The new policy applies to all of Tesla’s vehicles, including Cybertruck, Model S, Model 3, Model X and Model Y, starting today, November 27, 2024 (though not in Iowa or Louisiana). Third-party dealerships are allowed to purchase the vehicles, and there is a $350 purchase fee.
Many other companies offer something similar, with owners treating the lease as somewhat of a “trial term” before purchasing the vehicle. There are also potential financial benefits – for example, leasing makes it easier to get the US EV tax credit, and as a result some companies that don’t qualify for the purchase credit have created unique insta-buyout lease options to make use of this exception.
But Tesla hasn’t offered this option for some time. Ever since the Model 3 started leasing, Tesla said that it would not allow lease buyouts at the end of the term, and instead that it would retain ownership of the vehicles and put them into work in a massive robotaxi fleet, taking advantage of Tesla’s Full Self-Driving technology.
But that didn’t just apply to the Model 3, as Tesla ended lease buyouts for all models in 2022, after having previously offered them on Model S/X. This happened during a strange period in the new vehicle market, with lots of vehicles experiencing price spikes due to COVID-related supply disruptions, but also falls in line with Tesla’s previous ambitions and statements about wanting to retain vehicles for an autonomous robotaxi fleet.
Needless to say, this hasn’t panned out exactly as Tesla might have hoped. Tesla’s Full Self-Driving capability, despite being promised “next year” every year for almost the last decade, is not yet able to fully drive the car without a driver.
So this change could represent a pullback for Tesla’s autonomous vehicle ambitions. Tesla CEO Elon Musk has said in the past that its vehicles would become appreciating assets due to their ability to be used as autonomous robotaxis. The theory goes, you could send out your car to pick up passengers and drive them around, making you money on the side when you aren’t otherwise using the vehicle.
Because of this, Musk even once said that Tesla would stop selling cars once it solves autonomy, since it would be able to make more money providing autonomous rides than by selling cars.
Since then, Tesla has pivoted from talking about its regular cars as potential robotaxis to offering a whole separate robotaxi product, in the form of the Cybercab, which was unveiled last month. Though Musk also said during that unveiling that Tesla’s other vehicles would still be usable as robotaxis (well, most of them anyway).
That product is supposed to come out within two years, which means any standard 3-year lease term that starts today would end after Tesla has solved self driving – if you take their word for it. If that’s the case, then starting a lease buyout option for cars leased today wouldn’t make a lot of sense if you’re confident that they could be used as robotaxis in less than three years.
So it’s hard to think of this news as anything but a pullback in Tesla’s self-driving plans. If it’s true that Tesla thinks vehicles can make more money as robotaxis, and it’s true that Tesla thinks it will solve self-driving in the next two years, then why would Tesla suddenly start allowing buybacks that said it wouldn’t do specifically because of those two things?
So – either Tesla thinks it can’t make much more money with robotaxis, or it thinks it can’t solve self-driving before today’s lease terms are up.
Of course, there’s one other explanation – Tesla just wants to end this quarter strong. The company has already pulled several demand levers lately, with 0% financing, lower lease prices, and a “one-time” FSD transfer scheme for the fourth time as it’s trying to make up for a bad start to the year. It’s one of the few EV companies whose sales are down year to date as the rest of the industry continues to grow, and is trying to end the year flat-to-positive on sales compared to 2023.
It has some work to do to catch up, so we’re not surprised to see more demand levers being pulled. Nevertheless, this change still doesn’t jive with Tesla’s previous self-driving ambitions – and that’s notable.
If you’re looking to take advantage of Tesla’s new lease buyback policy, you can use our Tesla referral code for up to $36/mo off your lease price, or up to $2,000 off purchase (depending on vehicle).
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On today’s exciting episode of Quick Charge, Tesla is making significant updates to its Supercharger network as it welcomes new makes and models to the service. Meanwhile, analysts are expecting a big EV market spike ahead of the new year.
We’ve also got a more efficient charge port heating system, a major offshore wind program that’s backing down in the face of a Donald Trump presidency, and big news about the state of solar and wind in America’s energy mix.
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations sitewide. Learn more by clicking here.
Today’s episode is also sponsored by Huffy Bicycles, a household name in micromobility. For a limited time, use promo code “ELECTREKGM” at checkout for 30% off the purchase of an Electric Green Machine drifting Trike, and be sure to explore all of Huffy’s Black Friday Deals here.
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Read more: E-quipment highlight | Palfinger FLS 25 eDRIVE truck mounted forklift.
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Singapore-headquartered Maxeon Solar Technologies (Nasdaq: MAXN) is restructuring to focus exclusively on the US market, but it’s put its $1 billion Albuquerque solar cell factory on ice.
Maxeon Solar bets on the US
Maxeon is selling off its global sales and marketing assets in EMEA, Latin America, and Asia Pacific to its parent company, TCL Group, which will also acquire Maxeon’s Philippines manufacturing operations. TCL will then operate them under a new name, TCL SunPower International. The transactions are expected to be completed by the end of the year.
Maxeon will continue to operate as an independent, publicly traded Nasdaq-listed company solely focused on the US residential, commercial, and utility-scale markets to “drive growth and profitability.” The company also announced that it has executed a five-year lease of an existing building in Albuquerque and plans to begin solar panel manufacturing in this 2-gigawatt (GW) capacity facility in early 2026.
George Guo, Maxeon’s CEO, said, “Assuming successful financing, this site will allow Maxeon to rapidly deploy a 2 GW module assembly facility while we continue to evaluate our longer-term objective of also establishing solar-cell manufacturing capacity.”
What Guo is referring to when he mentions solar-cell manufacturing is the $1 billion factory. In August 2023, the company said it would build a 3-gigawatt (GW) solar-cell and panel factory in Mesa del Sol, Albuquerque, from the ground up. It had planned to start construction on the plant in early 2024, but after delays, it’s now been put on hold. Mesa del Sol, which says it’s still working with Maxeon on the construction project, has extended the solar company’s purchase agreement for 100 acres of land, according to the Albuquerque Business Journal. If built, it will be the largest factory of its kind in the US.
Electrek’s Take
Maxeon has had a tumultuous year. In May, it was investigated for violating US federal securities laws, and it got a slap on the hand from Nasdaq for the delayed release of quarterly financial reports. Then it got a financial boost in the form of a nearly $200 million investment from China’s TCL Zhonghuan, which gave the latter an over 50% stake in the company. It also saw a 99% drop in stock value this year.
Recently, Maxeon ran into trouble with US Customs and Border Protection (CBP). Earlier this month, it disclosed that CBP had detained its solar panels assembled in Mexico with solar cells from Malaysia. CBP has ramped up its scrutiny of solar panel supply chains to ensure they are free from links to forced labor involving the Uyghur community.
Maxeon emphasized that its panels have no ties to the Xinjiang Uyghur Autonomous Region. The sale of Maxeon’s Asian assets to TCL should help streamline the CBP documentation process, but Trump’s recent Mexico tariff announcement is a potential fly in the ointment, too.
No wonder this majority Chinese-owned company with a tanked stock value wants to build panels in solar-industry-friendly New Mexico as soon as possible.
Read more: Maxeon is going to open a 3 GW solar factory in New Mexico
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![These EVs are a steal with lease prices under $300 a month this Black Friday [Updated]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2024/11/EVs-lease-300-November.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
With big discounts and lower-priced models hitting the market, electric vehicles are getting more and more affordable. Here are the EVs you can drive off in this Black Friday with lease prices under $300 a month.
New EVs, like the Honda Prologue, Chevy Blazer, Equinox, and Silverado, are rolling out nationwide, giving buyers more options than ever.
According to Cox Automotive, over 100,000 EVs were sold in the US in September, the sixth straight month topping the 100,000 mark. Electric vehicles account for 9% of the US auto market, the highest percentage to date.
The average transaction price (ATP) for new EVs was $56,328, but drastically higher incentives bring prices on par with or even under many comparable gas cars.
For example, the Honda Prologue electric SUV is available to lease for as low as $259 per month, including the down payment. That’s cheaper than a Honda Civic at $376 per month. Honda recently extended the offer to 17 additional US states after introducing it in California last month.
EVs for lease under $300 a month for Black Friday 2024
The Honda Prologue is one of the best EVs to lease this Black Friday. Here are the other models worth considering this month.
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2024 Nissan LEAF | $109 | 36 | $2,529 | $179 |
| 2024 Kia Niro EV | $169 | 24 | $3,999 | $336 |
| 2024 Kia EV6 | $179 | 24 | $3,999 | $346 |
| 2024 VinFast VF 8 | $199 | 36 | $894 | $244 |
| 2024 Hyundai IONIQ 5 | $199 | 24 | $3,999 | $366 |
| 2024 Honda Prologue | $229 | 36 | $1,299 | $259 |
| 2024 Chevrolet Equinox EV | $299 | 24 | $3,169 | $431 |
| 2024 Subaru Solterra | $299 | 36 | $0 | $299 |
According to online auto research firm CarsDirect, the Nissan LEAF retained the title of the cheapest EV you can lease in November listed at just $109 per month in Colorado.
With $2,529 due at signing, the effective monthly rate is just $179. However, the deal only includes state incentives, which are not offered elsewhere.
Kia’s Niro EV and EV6 are two of the best EV lease options this month, with monthly rates of $169 and $179.
After a recent price cut, the EV6 is offered at its lowest monthly rate since hitting the market. That’s for the Light Long-Range model with up to 310 miles of range.
The Hyundai IONIQ 5 remains a top lease option in November, with the updated 2025 model set for deliveries later this year. With lease prices starting at just $199 per month, Hyundai is offering its best-selling electric SUV at closeout prices.
Honda factors in a $1,000 conquest or loyalty offer in the lease deal. However, for a $48,000 electric SUV, the Prologue is still a steal.
The Subaru Solterra is worth considering at just $299 for 36 months with no money down. Subaru dropped lease prices from $329 per month on November 21.
With the long-awaited $35,000 Chevy Equinox LT arriving, GM is sweetening the deals on 2024 models with leases starting as low as $299 per month.
Ford is also offering significant discounts on the F-150 Lightning and Mustang Mach-E in a new end-of-year promo. New EV buyers also get a free Level 2 home charger, and Ford is covering the cost of standard installation.
Although not under $300 a month, with up to $21,150 in potential savings, the 2024 Acura ZDX is another steal this Black Friday.
With the incoming Trump administration reportedly planning to end federal incentives, the savings may not last long. Take advantage of them while they are still here.
Ready to find your new EV? We can help you get started. You can use our links below to find the best deals on popular models in your area.
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