⚡🤷‍♀️ TLC Celebrates New EV-Only Plate, Doubles Down On Process & Shares Bad Math

NYC Taxi & Limousine Chair David Do took pictures with the TLC's first officially licensed *NEW* EV-only FHV License (a/k/a TLC Plate) owner. TLC needs to reflect on recent actions & communication

NYC TLC @nyctaxi

Congratulations to Ruixuan Zhang from Flushing, the first driver to receive one of the 600 EV licenses issued last Wednesday! Commissioner David Do witnessed Ruixuan’s first TLC inspection at Woodside this morning. Ruixuan is already out there doing trips!

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After running an underwhelming 🙄 *NEW* EV-Only FHV License (a/k/a TLC Plate) application process for the first 600 (of 1,000) allocation, New York City Taxi & Limousine Commission Chair David Do took the opportunity for a media session. The TLC has still not addressed concerns about what many TLC drivers called an unfair & flawed process. We do congratulate Mr. Zhang though on his allocation and wish him much success 🥳!

To most industry observers, it seems the TLC is actually doubling down 🤷‍♀️ on the same “How quick can you click” process ahead of the second 400 (of 1,000) *NEW* EV-Only Plate allocation release next week, 10am on Wednesday, March 29th. In fact, this time the quick-clicking winners will only have 30 days to purchase a vehicle vs. 120 days. 🤔

In addition, and seemingly promoting a misleading financial narrative, the TLC presented odd business math in a follow-on Tweet, by erroneously sharing improper comparative math (🍎 vs 🍊).

The TLC compares a $500 per month vehicle payment, without details on downpayment, loan term, interest rate, etc. WITH $2,000 per month leasing company fees that include the vehicle, insurance, maintenance, licensing fees, sales taxes, the flexibility to return the vehicle (including the provision of a temporary vehicle if a driver’s own car is getting repaired - i.e. working capital solutions). If you just add the required TLC liability insurance, the comparison would drastically change.

NYC TLC @nyctaxi

Ruixuan was previously paying $2000 a month to lease, now he’s paying only $500/month to own his own EV! That doesn’t even count his savings on gas!

We are left wondering about the source of this unnecessary, unnuanced, and combative rhetoric. While we support the *responsible* adoption of electric vehicles (EVs), we oppose any misleading calculations that could lead drivers to make poor financial decisions. Have we forgotten the lessons of the taxi medallion crisis?

If a driver must replace the battery or other costly components, it may lead to severe financial consequences. We believe that the TLC's decision to promote expensive EVs at a time when interest rates are at a generational high could eventually result in financial crisis for some drivers, for which the TLC will likely not take responsibility.

Reuters @Reuters

For many electric vehicles, there is no way to repair or assess even slightly damaged battery packs after accidents, forcing insurance companies to write off cars with few miles - leading to higher premiums and undercutting gains from going electric

trib.alScratched EV battery? Your insurer may have to junk the whole carFor many electric vehicles, there is no way to repair or assess even slightly damaged battery packs after accidents, forcing insurance companies to write off cars with few miles - leading to higher premiums and undercutting gains from going electric.

From publicly accusing & shaming companies that contribute tens of millions of tax revenue to the State & City (including the TLC itself), while at the same time subjecting NYC TLC drivers to outrageous “How quick can you click” processes, we are concerned that the TLC seems to be drifting. You can’t upset every industry constituency and expect to remain popular.

As always, let us know your thoughts in the comments section below or by emailing us at info@automarketplace.com.

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