2023-09-17 16:03
Automotive
Alex Lowe

Electric car subscription service, Onto has collapsed into administration

Electric car subscription service, Onto has collapsed into administration earlier this week, following on from mounting debt and multiple rounds of funding. The company was owned by Legal & General (L&G) and they have earlier this week, pulled the plug on the company.

Up until going bust, Onto had amassed a total of 7,000 EVs on its fleet and 20,000 customers. The company allows customers to essentially subscribe a new car with no deposit and a month-to-month commitment. Cars from Tesla, Fiat, Vauxhall and others were available.

“Onto has suffered from the steep fall in electric vehicle residual value in the first half of 2023, rising interest rates and the squeeze on disposable income and was unable to secure additional funding from its shareholders. After entering administration, Onto will continue to serve existing customers as the administrators explore strategic options.”

Gavin Maher – Joint Administrator

L&G poured £22.5m into the company in-between May and June this year and $60m around a year ago. In total, Onto has raised over $350m since starting out in 2018.

Given that the company has 7,000 EVs in its fleet, they’ll be bids taking place for the leftover assets – so at some stage, we could see some used EV bargains on the market.

Alex Lowe

Alex Lowe is the owner and editor of the interface and started the website in 2013. He publishes the majority of the content on the website, hosts the three podcasts and the runs the YouTube channels. Alex has a professional background in computer networking, FWA and WiFi.

Other Posts

Rivian has recalled 502 R1T trucks due to an airbag issue
Rivan has had to recall 502 R1T trucks due to an issue relating to airbags not deploying
Tesla Model Y facelift not coming in 2024, says Elon Musk
Tesla CEO Elon Musk has confirmed on X that a refresh for the Model Y is not going to come in 2024
Tesla V4 Superchargers in China
First Tesla V4 Superchargers now live in China
Tesla V4 Superchargers are now available in China