Yesterday we updated our site to share the much-anticipated details of our solution to the problem of battery replacement affordability:
The Fēnix Subscription.
When we set out to change the EV Battery landscape, it was our goal to solve the biggest problems facing modern electric vehicles. In our research, we found the biggest obstacles to EV adoption were all due to a universally wrong approach to battery! From Chevy to Tesla, from Nissan to Porsche, they’re all making the same mistakes when it comes to integrating the battery into the vehicle. Those big battery problems are:
- The battery cost is too high in terms of percent of whole vehicle cost.
- The battery can only be replaced by it’s OEM with another OEM battery.
- The battery size is determined by the OEM is inflexible and unchanging.
- The battery is not serviceable, except as a whole-pack replacement.
Our very existence is working to solve the second of those, and while we work on the last 3 by developing our universal, modular, Fēnix Battery system, we’re thrilled that we have found a solution to the first challenge!
Originally we set out to carry the capital cost required to carry the Fēnix Subscription, but with the challenges we and the world faced over this last year, it became clear that finding a suitable corporate partner could help accelerate solving this problem. We have spent the last several months investigating a variety of solutions to back our subscription service, and several weeks ago we connected with two great partners that are focused on this exact challenge. Today we’re pleased to announce our new partnership with them and to provide the highly-anticipated details of our Subscription.
We’re pleased to announce our new partnerships with both Creative Leasing Solutions and TimePayment, they will be providing the backing and servicing of our subscription solution. But no need to worry about additional complexity, your subscription experience will be entirely a Fēnix one, our partners simply provide the capital and backend systems that simplify your subscription experience. And don’t let the inclusion of the leasing terminology of these partners be concerning either, we’re committed to our very non-lease-like experience commitment. Our subscription terms are simple, there are no hidden fees, no buyout terms, none of the traditional complexities usually associated with leasing.
First, our upcoming Fēnix Subscription launch currently is only associated with our Certified Pre-Owned Nissan 24kWh battery pack replacement. This is the solution with the highest current need, and thus it is where we launch our subscription. In the coming months we will expand it to include much more, other battery pack sizes, home batteries, and later, our Fēnix Battery Solution. Every subscription that starts with a 24kWh pack now will be capable of adapting and evolving into all of our other solutions later.
In architecting our first subscription launch, we gave careful consideration to monthly expense, subscription commitment and duration, features and benefits, and overall total cost to our subscribers. We decided what made the most sense was to sacrifice slightly in our monthly cost target in favor of a much shorter duration commitment combined with the ability to extend indefinitely after. At first glance it is not quite the same as our original targets, but we’re thrilled that it represents an overall much more affordable solution for our customers.
We had hoped to launch our subscription with our own battery solution when it arrives ready for market, however, our customers need affordable battery help today. So this month we start with our 24kWh CPO Battery, and here is how that subscription will work:
- Our subscription is made up of 3 components:
- Deposit and installation fee
- Subscription period
- Optional extended coverage
Deposit and Installation Fee:
The installation cost of $1,500 covers shipping, our CPO testing and inspection, our installer’s labor, the first month’s subscription payment, and old pack return shipping for recycling.
The Subscription Period covers the battery expense, our battery health monitoring, our no-cost, hassle-free degradation replacement guarantee for an affordable $150 per month for 24 months. And with the first month’s payment included in the installation cost, the first subscription payment starts on month 2 and continues through month 24.
Optional Extended Coverage:
After those 24 months, the subscription can either be converted to our next generation Fēnix developed battery’s subscription, or simply continue our replacement protection indefinitely for an affordable $14.99 per month.
We’re currently working diligently with both CLS and TimePayment to integrate their processes into our systems, and should have this ready to launch within the next two weeks! For those following our Fēnix Flights installation scheduling schedule, we hope to have this ready to start converting reservations to subscriptions by our third flight, which starts boarding on July 13th. This will allow us to begin Fēnix Subscription-based battery installations around the turn of the month at the end of July, beginning of August, with all of the third flight installs complete by the end of August.
If you are currently a reservation holder and wish to plan ahead while we work on integrating our subscription systems, you can pre-pay the balance of your installation fee at any time. Remember for all of our early reservation holders, your $1,500 installation fee is likely discounted heavily! For many, this means a remaining balance of between $150 and $1350, rather than the full $1,500. When you placed your reservation, our system created two orders, one for the deposit, and one for the remaining balance. To take advantage of this option to plan ahead, simply log into your account, select that second order with a “Pending Payment” status, and complete payment of that balance. Doing so will ensure you will be included in the third flight launch of our subscriptions!
And finally, if you currently hold a reservation and this is the installation solution you’ve been waiting for, but don’t want to miss out on this launch, not to worry! Once we’re all set to launch subscriptions, we will be emailing all of our reservation holders with specific instructions on how to convert your reservation to a subscription. Stay tuned!
(One quick note, a common mistake we have seen some customers make, is it is possible to “accidentally cancel” that second “Pending Payment” order. Not to worry! That does not actually cancel your reservation, a quick email to our [email protected] with either of your order numbers and “accidental cancellation” in the subject line and we will reset your order, readying it for conversion to your subscription when you’re ready.)