Aptera’s solar electric car is definitely a flop

The solar electric car is really struggling to convince investors. This is a problem when fundraising is necessary to complete the project. Three solar electric car companies have attracted the interest of crowdfunding enthusiasts: Sono Motors, Lightyear and Aptera. Two of these projects are already on the sidelines, and the last one is not in a much more enviable position: it is heartbreaking for early supporters.

In addition, Aptera is not really a solar electric car like the others. This is a particularly atypical 3-wheeled vehicle with the silhouette of a drop of water. It actually looks more like a small plane whose wings have been cut off. The sun must be the power source for this vehicle which promises to be very frugal in terms of energy. The startup has its fans, but its history is still quite chaotic.

Financing solar cars: the crux of the matter

Aptera Motors is not at its first attempt. The vehicle was already a project that lasted 6 years, between 2005 and 2011. The company ended up being liquidated due to a loan from the American government that was overdue.

Regulatory changes allowed a new attempt in 2019 on a crowdfunding basis. The promises of a vehicle running on solar energy were popular. Aptera has reportedly raised more than $135 million from more than 17,000 investors.

Now that the project is theoretically ready to enter the small-batch production phase, the company has indicated that it will need an additional $60 million, reports Electrek on November 5. Rather than continuing with crowdfunding, Aptera Motors decided to offer $60 million in convertible bonds for sale. Problem: everything is not going as planned, investment companies have become cautious. After 90 days, Aptera would have raised only $400,000 of the $60 million needed to ensure this new phase of its history.

It is not excluded that the company will once again relaunch a crowdfunding campaign. Even if we obtain the 60 million necessary to equip the company for production, it will probably not be enough for the rest of the operations. In a few months, the company will certainly start looking for funds to pay suppliers, approvals or employees in order to be able to produce machines which still cost €26,000 to €45,000. A few million is never enough for this type of project.

This situation has already been observed with Sono Motors and some crowdfunding participants have never seen their money again (despite promises). It is therefore necessary to point out that it is risky to participate in new Aptera fundraising campaigns.

Too many similarities with other failures

The company promises to create the most efficient vehicle in the world, but the promise is starting to sound too good. The development of the project is very interesting, you can also watch a YouTube video of Munro Live’s visit at Aptera for lots of technical details.

However, with each new idea from managers to refine their vehicle, additional expenses increase the bill. A lot of the equipment on this vehicle is very specific, which means that parts and components are likely to command a high price. It would even be possible that Aptera imitates Elon Musk, by promising vehicles starting at €25,000 that it will be impossible for them to produce at that price.

All of this talk has already been heard with Lightyear and Sono Motors, including about solar power as a primary source. This is known to have limits outside of California and some sunny regions. As for the regulations allowing such a device to be circulated outside the United States, this promises to be particularly difficult, even improbable. Your money could certainly be better spent than on this project which always promises the vehicle for next year… for 5 years already.