Aptera Motors Closes Its Doors
In its statement, Aptera said it had spent the last two years in a due diligence process with the DOE to secure a $150m (£96m) Advance Technology Vehicle Manufacturing loan, and recently received a Conditional Commitment Letter as a result.
This, it said, would have funded the development of a Toyota Camry-sized $30,000 all-electric five-seat saloon car capable of equivalent to 190mpg, had it been able to find enough investment to match the loan.
The carmaker was also in discussions to re-open an automotive plant in Moraine, Ohio, creating 1,400 jobs, as well as investing heavily in the low-weight, high strength materials used in the 2e and 2h vehicles. Aptera said investors "didn't have an appetite" for its three-wheeled vehicles, which had steered development towards the five seat car.
It follows months of rumours about the company’s stability. In August, Aptera issued an e-mail saying it was refunding deposits for the 2e, prompting concerns about its future.
Aptera’s former president and CEO Paul Wilbur said in the statement: ‘After years of focussed 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.
‘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.’For more of the latest industry news, click here.