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Tesla Plans to Use Model 3 Lease Program to Stock Ride-Hailing Fleet

Tesla has launched a leasing offer for its $35,000 Model 3 electric sedan — without the standard option that allows consumers to purchase their vehicles at the end of the term. “With full autonomy coming in the future via an over-the-air software update, we plan to use those vehicles in the Tesla ride-hailing network," the […]

Tesla Scales Back Store Closures

Contrary to the electric OEM’s announcement last month, Tesla will not be closing as many of its brick-and-mortar stores as originally planned, according to a company release. Although the company didn’t offer specific numbers, Tesla said it will close about half as many stores than was previously announced. As a result, the expected 6% reduction […]

Tesla Pivots to Online-Only Sales Model

Tesla will be shifting its worldwide sales model to an online-only platform, starting with North America, the company said in a statement last week. The electric OEM will also be closing many of its brick-and-mortar dealerships, leaving “a small number of stores in high-traffic locations remaining as galleries, showcases, and Tesla information centers,” the company […]

Tesla Issues Second-Ever Lease Securitization Despite Previous Downgrade

Tesla Inc. is slated to issue its second-ever U.S. auto securitization on Dec. 19, according to presale reports. The $837 million transaction is 53% larger than Tesla’s inaugural securitization, which was issued in February. That securitization was subsequently downgraded because of a “significant shortfall” in the Model 3 production rate and a weak financial situation, […]

Tesla Hints at Direct Leasing for Model 3s

Tesla has improved its car production numbers and has signaled that it will soon turn to direct leasing deals to further boost sales, the company noted in its 3Q vehicle production report. The electric car company produced 50% more vehicles — 80,142 —- than it did in the second quarter, which was its previous all-time […]

Rising Gas Prices Help Boost Electric Vehicle Values

DALLAS — Electric-vehicle values have been on the rise in part due to rising gas prices and greater acceptance of the technology, but the category still faces roadblocks in residual retention, panelists said at the Auto Finance Performance and Compliance Summit. “Over the last three to six months we have seen an uptick in almost […]
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