Tesla price war result EV subscription companies nearly went out of a buisness

Autonomy Inc., Scott Painter's startup, was on the verge of failure due to Tesla's price reductions and soaring inventory levels.

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Painter founded numerous car businesses, including the auto fintech startup Fair.

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In addition, he founded the auto shopping website CarsDirect and the used automobile store TrueCar.

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Painter's new business intended to purchase EVs from Volkswagen, General Motors, and Tesla.

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Automotive News, Painter's are worth $1.2 billion collectively.

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Following that, the startup would provide customers with subscription plans that included choices like the Tesla Model 3 and Chevrolet Bolt EV.

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Customers would have the option of taking out loans, long-term leases, or short-term rents.

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"Instead of having a $85 million fleet, we suddenly had, say, a $56 million to $57 million fleet in oneday," the company stated.

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