EV Startup Aptera Motors Pulls the Plug

[IDemo]

By Chuck Squatriglia
December 2, 2011 | 6:25 pm

Southern California electric vehicle startup Aptera Motors is out of time, out of money and out of luck. It announced today that it is shutting its doors, liquidating its assets and laying off its staff.

The company, which first showed off its three-wheeler in 2007 and was working on a more conventional sedan, has long been struggling. Even as it unveiled the production model of the super-aerodynamic 2e electric car (shown above) in April 2010, CEO Paul Wilbur all but pinned his company’s future on receiving a federal loan. Wilbur said in a statement today that Aptera came within spitting distance of turning things around but simply ran out of time and money.

“After years of focused effort to bring our products to the market, Aptera Motors is closing its doors, effective today,” he said in the statement. “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.”

Wilbur said the company had been engaged in “exhaustive due diligence” with the Department of Energy and, having had its business plan “examined from top to bottom,” recently received a conditional commitment letter for $150 million under the Advanced Technology Vehicle Manufacturing loan program. That money would have underwritten development of a five-passenger, mid-sized electric sedan.

http://www.wired.com/autopia/2011/12/aptera-motors-closes/

[haikugal]

1. What a shame...

[msongs]

2. in other words, there was little to no interest from potential customers lol nt

[n2doc]

3. The market for really impractical expensive EV's is pretty limited n/t

[alittlelark]

4. They sent my $500 deposit back

sad.

[unhappycamper]

5. I'm sure Issa's panties are in a twist.

http://www.signonsandiego.com/news/2011/dec/02/carmaker-closes-without-green-energy-aid/