A new carmaker recently entered the marketplace, with the goal of shaking up vehicle ownership and auto finance along the way.
Lynk & Co. — a brand from Geely Auto Group — focuses on connected app-powered mobility experiences and is now officially selling its first vehicle via stores in China.
The 01 SUV can either be purchased directly or subscribed to in the same manner that many luxury car subscriptions are leaning into. Additionally, there is a dedicated in-car carshare button that allows an owner to physically trigger a shareable digital key that can be offered up to others to let them borrow the vehicle and potentially use it as a revenue generator.
This aligns with Lynk & Co.’s announcement earlier this year to launch its own version of carsharing — once its vehicles are on the roads — which the company is calling, “the world’s first in-car digital share function,” according to another company press release. Part of the increased interest from automakers in car subscriptions and carshare market is to cater to millennial customers.
In September 2016, NerdWallet surveyed over 2,000 people 18 and older and found that 75% of millennials who own a car plan to buy another within the next five years, indicating that loyalty to a vehicle is not a concern. Another 43% of the respondents called owning a car “a hassle,” according to the survey.
Additionally, the 01 SUV comes in four different options that are fully loaded, mono-spec cars and can be purchased online at a fixed price. The vehicle went on presale on Nov. 17, and sold out its designated 6,000 preorders in 137 seconds, according to the company.
