Aptera reignites crowdfunding to bring its solar EV in production

California-based start-up Aptera Motors is once again turning to crowdfunding in its mission to bring its solar-powered, three-wheeled electric vehicle to the assembly halls.

This renewed effort aims to secure the additional $60 million necessary to transition its prototype to a production-ready car.

The new crowdfunding campaign follows Aptera’s previous one, which concluded in May 2023, raising an impressive $135 million from 19,000 investors.

However, as many start-ups in the automotive world have learned – the Dutch company Lightyear and German Sono Motors, to name two start-ups from the same league of SEVs – the costs of bringing an innovative vehicle to market can be staggering.

The crucial step to full-fledged assembly often proves too challenging and complex. Lightyear produced only a handful of cars at the Valmet factory in Finland, and Sono Motor’s crowdfunding campaign didn’t raise sufficient capital to grow the process to the next level, halting the business altogether.

Journeys powered by the sun

Aptera’s new campaign shows that crowdfunding is a preferred or somewhat necessary tool for securing the required funds. The American company allows individuals to invest with a minimum contribution of $1,000 (€950), offering shares priced at $14.80 (€14.12) each.

In its announcement, the company framed the campaign as more than a fundraising effort, calling it a rallying point for a community passionate about sustainable mobility.

“Our vision is clear: a world where every journey is powered by the sun,” the press release reads. “Every dollar invested is a statement of hope and determination to shift the status quo.”

Aptera plans to begin production in 2025, targeting an initial batch of 7,000 units. The company is already testing its production-intent (PI) prototypes, which feature significant design changes, including an inboard drive unit, which replaces the hub motor initially planned. The latter was not deemed ready for production timelines.

Relatively affordable

While the solar EV concept has garnered considerable interest, much depends on the start-up’s ability to secure the $60 million needed to keep the project afloat.

With only a handful of those prototypes completed so far, Aptera faces the dual challenge of meeting its production goals and convincing potential investors of the vehicle’s market viability.

Beyond that, Aptera also taps into new business opportunities as it seeks to sell its solar panel technology as a retrofit for battery-powered cars or install it on trailers and vans to add range for free.

Depending on the configuration, the estimated pricing range for the three-wheeled car is expected to reach from $25,900 (€24,680) to $48,300 (€46,020), including the number of solar panels and battery size.

This positions the Aptera as a relatively affordable option in the EV market, particularly for eco-conscious commuters looking to minimize charging costs and environmental impact.