The Unlikely Underdog’s Roller Coaster Journey
You know, the electric vehicle (EV) revolution is like watching a toddler learn to walk – it’s cute and clumsy, but there’s that spark of exciting potential. Aptera Motors has been one of those unlikely underdogs, stumbling along for years but now claiming to have finally found their stride. But have they really?
This San Diego-based EV startup has been on a rollercoaster ride of near-misses and comebacks over the last couple of decades. Remember their failed Aptera 2 Series vehicle back in the mid-2000s? It was an ambitious but ultimately disastrous belly flop, much like a penguin trying to skateboard.
But instead of staying down for the count, Aptera dusted themselves off and came swinging back with a brave new concept – a solar-supplemented electric vehicle (SEV) that promises to be the most efficient EV on the road when (and if) it finally reaches production.
From Crowdfunding Dreamers to Production Heavyweights?
Against the odds, Aptera has already managed to raise an impressive $28 million from a scrappy mix of crowdfunding contributions and private investment over the years. These guys are like the Energizer Bunny of EV startups – they just keep going and going, no matter the setbacks.
Now, after grinding it out for three long years of crowdfunding via a special Regulation A stock offering, Aptera is finally waving goodbye to the public markets. Instead, they’re cozying up to a new powerful partner – US Capital private financial group.
It’s a bit like ditching your loyal but broke high school sweetheart to run off with a slick, wealthy Wall Street tycoon. A bold but potentially lucrative move for the underdog Aptera.
This isn’t even their first unorthodox funding maneuver either. Back in 2021, Aptera launched an “Accelerator Program” that allowed their early reservation holders to invest a minimum of $10,000 directly into the company. Those who bought in were promised priority delivery and a special commemorative “Launch Edition” build.
By February 2024, Aptera had filled all 2,000 of their planned initial production slots this way, raising a tidy $34 million haul in the process. Not too shabby for a crowdfunded startup!
However, as impressive as that may sound, the reality is Aptera still needs a serious infusion of additional capital to achieve its holy grail – actual scaled production and manufacturing. Scaling up is arguably the biggest challenge facing any auto startup, akin to teaching a goldfish to ride a bicycle.
What’s Next – An IPO and Finally Hitting the Road?
So what does this new high-profile partnership with US Capital mean for Aptera’s future production prospects? The founders are hoping it will provide the vital financial lifeline required to finally get their unorthodox solar EVs off the ground (literally) and into customer driveways.
If all goes according to their current optimistic projections:
- Aptera aims to deliver their initial “Launch Edition” vehicles to investors and reservation holders by late 2025
- Establish their first high-volume assembly plant and begin scaled manufacturing soon after
- And they even have an eventual IPO in their sights as a public company further down the road
For those who still want to get in on the ground floor before Aptera potentially takes off, you can still participate via their ongoing crowdfunding campaign up until June 30th, 2024. Hey, it might just be a chance to invest in the next audacious, industry-disrupting Tesla before it was a household name.
Aptera’s long and winding journey has certainly been a fascinating one, full of dizzying ups and downs, and unexpected twists and turns. It’s an inspiring case study of perseverance, highlighting the grit and unwavering belief required by any startup’s founders and earliest adopters to overcome the inevitable obstacles.
But the biggest question still remains: After over 15 years of toiling in relative obscurity, will Aptera’s funky, solar-supplemented dream car fantasy finally manifest into a full-fledged production vehicle reality? Personally, I certainly hope so – in fact, I plan to be one of the first in line just as soon as I can convince my spouse that solar-powered EVs are indeed the way of the future!
What are your thoughts on Aptera’s chances? Chime in below!
