Based on the numbers in this Electrek article, it appears that Aptera will be filling existing orders until well into 2028 if everything goes according to the current plan. "Scaling is hard." Here's how Electrek describes Aptera's latest SEC filing: Looking ahead, Aptera still has a long road ahead of it before the masses are driving its potentially revolutionary solar EVs, but its latest SEC filing shows the startup is still very much alive. Aptera Motors submitted an Offering Memorandum to the SEC dated May 30, 2024, sharing that it is offering up to $5 million worth of Class B Common Stock (non-voting) at a minimum investment amount of $1,000. Per the SEC filing, Aptera must raise at least $25,000 by June 30, 2024, in order for any securities to be sold. The listed purchase price per share is $10.50, and the startup is offering perks that vary by the amount of money committed. Aptera’s SEC filing includes phrases like “Our auditor has issued a ‘going concern’ opinion” and “We face significant technological and legal barriers to entry.” More excerpts from the Electrek article: Aptera is offering various stock investment perks--a $100,000 investment gets you lunch with Aptera co-founders Chris Anthony and Steve Fambro. A $1,000 investment gets you a $100 discount coupon on the Aptera you buy. As of May 25, 2024, Aptera had 48,000 SEV reservations. While production of the Launch Edition SEVs is still targeted for 2025, Aptera shared it won’t scale more until 2026, when it expects an annual output of 20,000 units. As of April 30, 2024, Aptera Motors had $35.6 million in assets and $16.1 million in cash Between January 1 and May 19, 2024, Aptera sold 864,580 Class B common shares for $9.1 million. Aptera currently has 29 full-time employees.
This article is based on old information: Much of what it states is no longer relevant as Aptera has entered into an agreement with US Capital Global to provide the funds necessary to scale to full production and will be closing all of its "crowdsourced" funding campaigns and instruments on June 30.
I couldn't find any independent articles confirming the US Capital deal, so I believed Electrek: What’s interesting is through 38 pages of the filing, there is zero mention of US Capital, the potential investor Aptera has been in talks with but has remained extremely vague about. Does the SEC not need to know about US Capitol helping Aptera or did Aptera make a later SEC filing? Is Electrek's list of ascending perks for stock purchasers correct?
Information about the US Capital deal is in the May video update, posted above. The Electrec article is based on Aptera's annual SEC fileing - posted on May 3 - before they announced the US Capital deal and the closing of crowdsourced funding. Amendments to the filing were posted on May 30 and May 31. Those perks were part of the most recent investment instrument but will be moot as of June 30. https://www.sec.gov/edgar/browse/?CIK=0001786471 Remember - Electrek is a privately-owned blog, not a news service... If you want a more detailed description of the US Capital deal, see the 3-part interview with Aptera Co-CEO Chris Anthony on the "Aptera Owners Club" YouTube channel.
I always look for independent confirmation--not that I worry Aptera's videos aren't truthful--I just like to get a non-company perspective. The Electrek article was the only one I can find. Electrek appears to have a very small staff, so I realize it should not be considered the final--or most up-to-date--authority.
