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⚡ Drivers That Buy An EV, Can Get A TLC Plate
TLC officially confirms EV exemption to TLC Plate Cap, ANY driver or fleet that buys an electric vehicle (EV) has ability to get TLC Plate. We share some practical advice & thoughts
It’s official, *ANY* TLC-licensed driver, fleet or company can acquire a FHV License (a/k/a TLC Plate). Note, the TLC has not updated its actual website, but the regulator makes it clear in the latest FHV License Review report, published yesterday.
Given there are over 170,000 TLC-Licensed drivers and many companies looking to enter the NYC for-hire transportation industry, we expect to see thousands of *new* TLC-plated vehicles on the road within months.
Practical Advice
A practical suggestion is anyone who wants to apply for a *new* EV-only FHV License (EV-only TLC Plates) should do so IMMEDIATELY and via a business entity (i.e., LLC) . In addition, one should enter into a lease-to-own agreement with themselves. This has several financial benefits, but also protects your liability as a driver. Your insurance premium might be higher though. If you need help with this, reach out to us at info@automarketplace.com (we can provide you directional advice, we ARE NOT financial advisors).
Another reason to attach your FHV License (TLC Plate) to a corporate entity (LLC), not your individual name, is we believe, as TLC did back in June 2021, the EV exemption to the TLC Plate Cap will be removed soon due to:
TLC noticing the amount of new FHV applications
Any launch of a mass market EV wheelchair accessible vehicle (WAV)
Some Thoughts
This publication, has in great detail, essentially laid out detailed arguments against a “free for all” TLC Plate policy due to several factors, including dilution of driver earnings, impact on taxi medallion valuations (City loan guarantee on taxi medallion debt too 👀) and congestion concerns.
Mayor Eric Adams, his deputies (notably former TLC Commissioner Meera Joshi) and the TLC, led by Chair David Do, essentially did the EXACT OPPOSITE of what we argued would be the best way forward for the industry. In addition, and as a purely political critique, Revel clearly has shown itself to be among the most adept companies we have ever come across, pushing their agenda (they have every right to do this) and winning.
Ultimately you measure companies and politicians by that metric. If we were an investor in Revel, we would be very happy with their management’s performance, they deserve that compliment 🫡. They might run into significant financial issues though when they breach 10,000 daily trips per day, and be subject to High-Volume (HV) TLC Driver Minimum Pay rules, but we’ll discuss that in another article.
Ultimately we don’t run this City, we report on this City. They are the policymakers, they have that mandate, we report and critique their policies (among other things we do), so that’s the nature of the game. You win some, you lose some and sometimes you tie.
“Sometimes when you win, you really lose, and sometimes when you lose, you really win, and sometimes when you win or lose, you actually tie, and sometimes when you tie, you actually win or lose. Winning or losing is all one organic mechanism, from which one extracts what one needs.”
- Gloria Clemente played by Rosie Perez in White Men Can’t Jump
We have many other things to say and you’ll see that in the near future. We also have many constructive thoughts and some predictions to make as well, but for now we just wanted to confirm to our readers (new & old) that YES, it’s true.
IF YOU BUY AN EV (**NOT A HYBRID**), YOU CAN GET A TLC PLATE. THIS IS 100% CONFIRMED BY THE TLC.
As always, let us know your thoughts in the comments section below or by emailing us at info@automarketplace.com.
AutoMarketplace NYC covers the for-hire transportation industry and automotive news. Check out AutoMarketplace on YouTube ▶️
This was a deal between Revel and the City. Revel will build EV charging stations in return to lift the ban on EV plates.
I think they will get rid of non ev car if this takes up.