Borrow: Short-Term Electric Vehicle Subscriptions for All.
EVs are more expensive and harder to own than the average gas-powered car. At Borrow, we offer customers the ability to 'subscribe' to a range of electric vehicles for 3, 6, or 9 months. Affordable and convenient short term leases allow consumers to "try out EVs"without the commitment of buying a vehicle or the major expense of rental options. At Borrow, we are broadening the EV market, making them available to people, like those in disadvantaged communities, who otherwise wouldn't be able to afford or commit to one. Borrow intends to be a platform for EVs, giving consumers the ability to use an EV without a long-term commitment. Borrow also collectes telematic and user data to identify and promote increased interest, create a deeper understanding of the customer experience and help government identify where EVs and infrastructure should be placed.
Accessibility, affordability, and awareness are key factors of EV integration into a community. Borrow's solution addresses all three.
Firstly, by diversifying the types of EVs consumers can have and the ways consumers may own EVs, we are increasing accessibility. Instead of having to buy a car and go through the commitment of owning a vehicle, consumers may essentially "try out" an EV, essentially giving them an extended test drive. The ability to try new technology before committing fully to it is an important thing for consumers, especially those in disadvantaged communities who cannot afford to commit to something that might not work for them.
As more consumers gain knowledge and comfortability with EVs through our short-term rental solution, these individuals become active stakeholders in growing EV infrastructure and awareness within their own communities. Our solution thus aims to create more of these stakeholders and function as an olive branch to the EV world for disadvantaged communities.
Going forward, we intend to partner with local governments and businesses with the goal of subsidizing our vehicles and providing charging credits to make our solution more affordable to disadvantaged communities.
We will measure success based on how conveniently our customers can use their EVs. If we see that customers often drop us after one 3-month period, or the usage of their vehicle is not high we will need to shift course.
However, if uptake of our fleet increases, we will see this as a successful completion of our goals.