Spring Free EV Speeds Up Electric Vehicle Adoption by Removing the High Upfront Costs with New ‘Free EV’ Launch

Spring Free EV, the financial technology company accelerating EV adoption through innovative fintech products, today announces the addition of ‘Free EV’ to its range of financing solutions. This launch will provide 2,000 delivery and rideshare drivers access to affordable electric vehicles by bringing the upfront costs down through an industry-first pay-per-mile model with no monthly loan or lease payments. To reserve your spot on the waitlist, go to: FreeEv.SpringFreeEV.com

Across the US, vehicle manufacturers are racing to meet the Biden-Harris Administration’s ambitious target of 50% of EV sales by 2030 and major ridesharing companies have followed suit with pledges to reach 100% electric fleets. However, the drivers themselves face several barriers to affording these cars, the largest being the average purchase price of $40,000, according to Kelley Blue Book, making owning one cost-prohibitive.

Easy EV Financing 

Unlike most car purchases that involve a loan or lease, which ultimately raises the total cost of the vehicle as it depreciates, Free EV by Spring Free EV offers a solution with no monthly loan or lease payments. Instead, drivers benefit from a pay-per-mile model with rates starting as low as 30 cents per mile. Free EV is also a more affordable path to ownership and doesn’t require an expensive lease payment -- ultimately democratizing access to EVs by bringing the upfront cost of a vehicle down to only a title and registration fee of $250 and a $1,000 refundable security deposit that can be applied toward the purchase of the vehicle. With this launch, Spring Free EV plans to put 2,000 EVs on the road starting in the Fall of 2022. 

“It’s well documented that transitioning car-sharing and ride-sharing fleets to electric vehicles would lead to significant reductions in carbon emissions. But first, we need to make these vehicles accessible beyond the 1%,” says Sunil Paul, co-founder and CEO of Spring Free EV. “Even with the tax breaks and more affordable models coming to market, we need to get creative with how we can encourage the transition from gas to electric – Free EV is just one example of how we can speed up adoption.” 

With this launch, Spring Free EV is also opening up a new revenue stream for fleet managers who will be able to distribute vehicles and operationally help Free EV customers get onboarded. 

To apply for Free EV and reserve your vehicle, go to: FreeEv.SpringFreeEV.com

About Spring Free EV

Spring Free EV is a financial technology company built to accelerate the adoption of EVs through innovative fintech products. It has the bold mission to reduce CO2 emissions by one gigaton by 2030 through a new vehicle financing approach that makes EVs more accessible to everyone. Spring Free EV was founded by Sunil Paul, Martin Lagod, Tenni Theurer and Visrin Vichit-Vadakan and is backed by leading investors Reid Hoffman, Mark Pincus, Ev Williams, and others. Learn more at www.springfreeev.com.

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