By Stephen Nakrosis 
 

Automotive subscription platform NextCar Holding Co., which has rebranded as Autonomy, said Thursday it will offer Tesla Model 3 electric vehicles through a subscription program.

The company said the service, which will initially be available in California, will provide customers with low-mileage Model 3 Teslas, and will later expand to include other Tesla models.

Shoppers can make reservations at Autonomy.com, and the program will be featured on automotive marketplaces including TrueCar.com and AutoWeb Inc., Autonomy said.

The company also said its Tesla Model 3 subscription features a month-to-month contract after a three-month minimum term.

Following the announcement, shares of AutoWeb moved higher. At 3:44 p.m. ET, the company's shares were trading up 21.77% at $3.85 each. At 3:46 p.m. ET, shares of TrueCar Inc. were trading 9.09% lower at $3.40 each.

The announcement follows the closing of an $83 million equity and debt financing and acquisition of the Autonomy brand, Autonomy.com and the global trademark library and related brand IP, and the phone number 1-800-AUTONOMY, the company said.

 

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

January 20, 2022 16:11 ET (21:11 GMT)

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