Electric car maker Aptera brakes, but can't avoid crash

Aptera, the electric car maker, has announced it will be shutting down. The company's website and President and CEO, Paul Wilbur, have confirmed that company will be closing today.

Aptera was considered one of the most interesting electric-car start-ups. The Aptera2, the company's only model, was a forward thinking egg-shaped three-wheeled car that could achieve an 300mgp mgp equivalent on a 120 mile charge. Mainly due to it's highly aerodynamic body shape.

The company is closing due to insufficient financing and funding. Aptera was hoping to raise $150 million to get a federal matching grant from the Department of Energy (DOE). These much needed funds would have made it possible to get a 4-door electric car into production, and available to sell on the market. However, the company was only able to raise about $40 million. This was just not enough to carry Aptera through this horrendous economy.

The company employs only about 30 people. The DOE grants would have made it possible to build a commercially viable 4-door electric-car from parts from the remnants of a former General Motors plant in Moraine, Ohio. The goal was to eventually employ 1,400.

“We were so optimistic that the company would move forward that we were in discussions to reactivate a mothballed automotive plant in Moraine, Ohio. In the past months we had engaged with the labor union that operated that facility to discuss the hiring of 1,400 new job opportunities. These jobs would have reactivated talented workers who had been dismissed when the facility was closed.” said Paul Wilbur, President and CEO of Aptera, in a statement today,


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