Tesla Motors leased 2,598 Model S cars through its direct leasing program in 2015 overall, up from 1,152 cars in 2014 — a 125% YoY growth rate — the company announced yesterday.
The hike in the leased units resulted in 856% surge in Tesla’s leasing revenue in full year 2015.
In 4Q15 the company leased 881 cars – about the same as 3Q – worth $85 million in transaction value, the company said in a letter to shareholders. Starting off the small base, the lease revenue hit $41 million in 2015, up from $4.3 million in full year 2014.
Despite the increased number of vehicles leased, the Model S value declined by 2%, “due to vehicle and option mix,” the company said.
“We’re finding there’s a very healthy aftermarket for these cars, and the trading values in the market, are significantly above our residual reserves on the cars,” Jonathan McNeill, Tesla’s president of global sales and service, said during an earnings call. “This is giving us some flexibility in terms of our financing partners offering very attractive monthly payments in loan terms, because Teslas are holding value at a much higher rate than we thought.”
