Aptera 3-wheeler closer to production thanks to successful crowfunding

Does anyone remember Aptera Motors? The California company showed a three-wheeled electric vehicle for the first time in 2006. In the 18 years up to now, a rollercoaster corporate ride included bankruptcies and changes of ownership that, in 2019, saw co-founders Steve Fambro and Chris Anthony take over the company again. Over that time, we've been treated to several powertrain variations on the three-wheeler, the latest unveiled as a general concept in 2020, the final product debuting early last year. That was a battery-electric trike with composite bodywork covered in 700 watts worth of solar panels; the panels could power a 40-mile range per day in ideal conditions, the batteries good for an estimated 400-mile range. The three motors in the wheels were said to get the car to 60 miles per hour in 4 seconds and up to 101 mph. The simple cockpit could have come from a very small Tesla, the 32-cubic feet of storage in the hatch from a large Tesla. The problem, however, was the same as in 2011, the year of the company's first liquidation: Aptera needed money to bring it to market.

So the founders launched an Accelerator Program that was, effectively, a new Kickstarter campaign seeking from $20 million to $50 million. That turned into a reservation program for 2,000 Launch Edition Apteras with a $10,000 deposit required, complete with perks like a book about the design and production process, and an Aptera Accelerator jacket for those who threw in $15,000. Because this was a new promotion for a new car, previous investments — contributing to more than $100 million raised in the past — wouldn't count toward this campaign; someone had to invest a new $10,000 to get a reservation. After that, though, all of a contributor's previous investments were included. One such investor from Maryland put in $10,500 to get to the head of the latest queue for Aptera #1, and has put more than $1 million into the company in total.

The campaign took a year to complete, Aptera cheering success with 2,040 people investing nearly $34 million. The sum gets the company into pre-production and validation testing, and it unlocks a $21.9 million grant from California's Solar Mobility Manufacturing Project. The grant is contingent upon Aptera buying $21.9 million in production equipment to build the car in the state, after which the California Energy Commission will reimburse Aptera. The company says it's 60% of the way on equipment purchases, production expected to be 12 months away.