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Electric Carmaker Aptera Pulls the Plug

Short of cash, start-up battery-car maker will be shutting down.

by on Dec.03, 2011

Aptera's little battery car won't be making it into production as the California start-up shuts its doors.

After raising only a fraction of the money it needed to put its aircraft-like 2e battery-car into production, California start-up Aptera has had to pull the plug on its ambitious goal of becoming a major player in the coming market for electric vehicles.

The Southern California firm had been counting on receiving a federal loan to cover most of the $150 million it said it needed to launch production of the three-wheeled, highly aerodynamic 2e, which looks much like a private aircraft minus the wings.

But the government failed to come up with funding as the Department of Energy loan program came under increasing fire – an issue that saw the DoE back out of assisting another California automotive ‘s goalstart-up, San Diego-based Next Autoworks.  (Click Here for that story.) Turning to other sources, Aptera had so far only been able to raise $40 million.

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“After years of focused effort to bring our products to the market, Aptera Motors is closing its doors, effective today,” Aptera Chairman Paul Wilbur said in a statement announcing the battery-car maker’s decision. “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.”