Jump to content
Create New...
  • William Maley
    William Maley

    Farewell Aptera


    Aptera Motors, the company behind the odd looking, three wheel electric vehicle called the 2e has announced today they're closing up shop.

    In a letter written by Aptera Motors President and CEO, Paul Wilbur, Aptera was unable to raise enough money from investors to keep it going until it received a $150 million loan from the Department of Energy's Advance Technology Vehicle Manufacturing program.

    "This is a difficult time for everyone connected with our company because we have never been closer to realizing our vision," Wilbur wrote.

    The closure ends a saga that started back in 2006 when the company made the announcement the 2e would get the equivalent of 300 mpg and cost less than $30,000. Production of the 2e was announced to begin back in 2009, but was pushed back to 2010, with no vehicles being built.

    In August, the company returned deposits it had taken from prospective buyers of the 2e, stating a six-month window with its credit card processor to launch production had passed.

    Wilbur's letter revealed the company spent the last year developing a hybrid-powered sedan, about the same size as a Toyota Camry, which would return the equivalent of 190 mpg and have a base price less than $30,000. Also, Aptera had been negotiating to use a closed auto plant in Moraine, Ohio, to build the car.

    "We remain confident, even as this chapter closes, that Aptera has contributed tech new technologies to build a future for more efficient driving. Through the dedicated staff at Aptera, our board and suppliers we have touched this future. All that remains is for someone to grab it. We still believe it will happen," wrote Wilbur.

    Letter is on Page 2


    After years of focused effort to bring our products to the market, Aptera Motors is closing its doors, effective today. This is a difficult time for everyone connected with our company because we have never been closer to realizing our vision. Unfortunately, though, we are out of resources.

    It is especially disappointing since we were so close...

    Aptera executives had been engaged in exhaustive due diligence with the Department of Energy (DOE) pertaining to an ATVM (Advance Technology Vehicle Manufacturing) loan. Our business plan was examined from top to bottom by internal agency representatives, independent consultants and experts in academia. They did an amazing job of vetting us and they tested every possible weakness in our plan. And after nearly two years of discussions, we had recently received a Conditional Commitment Letter for a $150 million loan.

    The ATVM loan would have provided funding for the development and commercialization of a five-passenger, midsized sedan (similar to a Toyota Camry) that would be base priced at less than $30,000 and deliver more than a 190 mile per gallon equivalent. The concept of this vehicle had been in place since the very beginning of Aptera, and we had been wholly focused on its development for the last year. The last remaining hurdle was finding new funds to match the DOE loan.

    We were so optimistic that the company would move forward that we were in discussions to reactivate a mothballed automotive plant in Moraine, Ohio. In the past months we had engaged with the labor union that operated that facility to discuss the hiring of 1,400 new job opportunities. These jobs would have reactivated talented workers who had been dismissed when the facility was closed.

    During the same time, we continued development of our patent-pending composite manufacturing system that enables energy efficient vehicle production by drastically reducing vehicle weight (by as much as 30%) while tripling its strength. This same patent pending system allowed us to finish the surface of our composites without manual finishing and without the high capital cost of a typical automotive paint shop. In all, the process would save nearly $750-million versus a typical volume auto assembly plant start-up.

    We were well on the way to satisfying the vision of efficiency on which the company was founded and we are confident that with time and capital we could still achieve our goal. The Aptera formula: aerodynamics plus light weight design (through composites) delivered efficiency of 206 EPA miles per gallon in tests at Argonne National Labs. That wasn't a simulation; it was real measured performance. Despite that promise of efficiency, this challenged market – specifically large private investors – did not have an appetite to lead an investment for the perceived low volume return of our three-wheeled vehicle. So we reprioritized our product plan to four-door sedans, which also cost us time.

    We remain confident, even as this chapter closes, that Aptera has contributed tech new technologies to build a future for more efficient driving. Through the dedicated staff at Aptera, our board and suppliers we have touched this future. All that remains is for someone to grab it. We still believe it will happen.

    Paul Wilbur

    President and CEO

    Aptera Motors

    User Feedback

    Recommended Comments



    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.


  • google-news-icon.png



  • google-news-icon.png

  • Subscribe to Cheers & Gears

    Cheers and Gears Logo

    Since 2001 we've brought you real content and honest opinions, not AI-generated stuff with no feeling or opinions influenced by the manufacturers.

    Please consider subscribing. Subscriptions can be as little as $1.75 a month, and a paid subscription drops most ads.*
     

    You can view subscription options here.

    *a very limited number of ads contain special coupon deals for our members and will show

  • Posts

    • https://canadianautodealer.ca/2025/01/montreal-auto-show-is-back-with-lots-to-dazzle-the-eyes-and-hearts-of-consumers/   I went to the Montreal auto show.  And our show was a success. 163 000 attendees. That web site I linked up rounds up to 170 000.  It was a 14% increase over 2023 but last year's attendance was higher at 168 000.  And at 168 000, that is highest since 2019.  So our auto show is quite neutral. Neither up or down.  Just stable. 
    • Seems there is NO GOING BACK to the Glory Days of Old for Auto Shows as Detroit was a Failure. Detroit Auto Show Attendance Plummets As Glory Days Fade MAGA is going to find as their retires die off that the Glory days are not there and that MAGA was never gone as America is Great, much Like Canada or any country. The past days are water under the bridge and there is no going back.  Dictators will have to be dealt with as we fight to save our Democracy! FORD CEO Farly needs to put on his Big Boy Pants and focus on building Quality products rather than complain about Korea or Japan Auto's. Ford is building crap auto's and their EVs are falling behind. It really is pathetic what he says here. Ford CEO has tough words for his automotive rivals
    • Seems this has fallen apart after Nissan has refused to go deep enough in cuts to right their sinking ship. Could we be seeing the first Legacy Auto Company to Die? Nissan Looking for New Partner as Honda Deal Set to Collapse
    • It was a double whammy this past week with American style capitalism over Canada.   As I mentioned before, Amazon has closed all of its warehouses in Quebec because one warehouse DARE unionize and for the fear of further unionizations, well, they got outta Dodge... So, the city of Montreal in turn has ceased to buy the shytty made in China crap Amazon peddles.  Montreal will buy locally and by the threat of American tariffs on Canadian products, Montreal will also buy products made in Canada or elsewhere in the world NOT named United States of America. https://www.ctvnews.ca/montreal/article/the-city-of-montreal-announces-it-will-stop-ordering-from-amazon/   
  • Who's Online (See full list)

  • My Clubs

×
×
  • Create New...

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

Write what you are looking for and press enter or click the search icon to begin your search