Accelerate the World's Transition to Sustainable Energy - to fight Anthropogenic Climate Change, page-29701

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Go Green ...Go Broke

“The moment for electric cars is now,” proclaimed the website of rental start-up Onto.

“Once you get behind the steering wheel and feel what they’re capable of, we know there’s no going back.”

The Warwick-based company matched words with actions, amassing one of Britain’s biggest EV-only fleets with 7,000 cars overall.

Instead of leasing or selling the vehicles, customers were offered “hassle-free subscriptions” that included a car, insurance, maintenance and even charging from £359 a month

Yet today customers are greeted with another message, explaining that Onto Holdings Limited was placed into administration in September.

According to accounts for the first seven months of 2023, Onto was forced to write down the value of its EV fleet by £21m – more than its total revenues for the same period.
Administrators for Onto blamed the company’s collapse on a “steep fall” in the value of electric cars, rising interest rates and the impact of the cost-of-living crisis on drivers’ disposable income. It was unable to secure additional funding from its shareholders as a result, administrators Teneo added.

Onto is far from alone in having suffered these challenges.
Second-hand EV prices plunged across the board last year, as manufacturers including Tesla slashed prices and a wave of ex-lease and rental vehicles flooded the market...

According to accounts for the first seven months of 2023, Onto was forced to write down the value of its EV fleet by £21m – more than its total revenues for the same period.

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