The June 2024 Investor Webinar from Aptera...

Discussion in 'Aptera' started by Kerbe, Jun 10, 2024.

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  1. Kerbe

    Kerbe Well-Known Member

    Details about funding and production plans... Do not be alarmed that the co-CEO mistakenly identifies the month of June as "January"!
    insightman likes this.
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  3. insightman

    insightman Well-Known Member Subscriber

    Here are the highlights for those too busy to view the 1:17-long video (@Kerbe, please correct anything I got wrong):

    58 seconds of dead air
    Steve Fambro was off at a trade show, leaving Chris Anthony by himself to make this presentation
    Aptera believes every journey should be fully powered by the sun and your vehicle should provide great utility
    Over 47,000 reservations = $1.7 billion of potential revenue
    Aptera has raised more than $120 million so far
    They have 30-patents pending and 4 awarded = valuable intellectual property portfolio
    Need to raise $65 million for 2024 to get production-intent vehicle built and achieve positive cash-flow
    They're doing all the electrical work in-house, which is expensive, but gives them needed control
    Current simulation tools are so good that Chris is confident of future crash-test results
    Trying to build 10,000 Apteras per year, but 6,000 per year will achieve a positive cash-flow
    Aptera has unlocked matching grant funds from the California Energy Commission
    They're planning to seek DOE grants
    They'll need $200 million to expand to multiple factories after production begins
    Their goal is to build 140,000 to 150,000 Aptera vehicles per year
    Europeans and especially Italians have been very supportive regarding the production of components
    Aptera has licensed parts from Chinese vehicle platforms
    Roush is designing the doors for the Aptera
    The Italian body-molding tooling is finished and ready-to-go [they've shown the first body shell produced]
    Carbon-fiber sheet-molding compound used for rear hatch doesn't require metal sandwiched inside
    Chris talks about CPC making the body, Maxeon making solar cells, CTNS making the battery
    Munro (yes, YouTube star Sandy Munro), is consulting to streamline the manufacturing process
    They have suppliers for 97% of the needed parts
    They will, of course, switch to suppliers who can quote less-expensive parts of higher quality
    Interiors are lagging (eg. center console)
    "Thermal components" are also lagging [I assume those are parts of the HVAC system]
    Electro-mechanical components for the wiring harness are still being developed
    Validation and testing is getting started
    Seeing Apteras being tested on the road causes other drivers to veer off the road
    Aptera's solar cells are designed for 10-15 year service life--including bonding materials
    Ride and handling are being tested to see if they match simulations--especially braking
    Noise-vibration-harshness testing will take place when the production bodies are on the road
    Suspension design and tuning must be complete before braking can be tested
    Durability testing is proceeding as components are finalized
    Crash-testing comes last because the vehicle must be in its final form for that to happen
    They still don't have their "PI" (production-intent) vehicle ready to put on the road
    The battery module just finished shaker-table testing
    Big die-cast parts for suspension and frame are expected next month
    The 80,000 sq-ft CA facility will produce 10,000 Apteras/year for each shift--2 shifts could make 20,000 per year
    When production begins, the initial ramp-up will take 3-6 months--hope to deliver 5,000 Apteras in 2025
    Plan is to deliver 20,000 Apteras in 2026--if US Capital comes through with the needed $65 million
    Most customers are in US, most in southern states, most are older males (although 18-24 year-olds like the concept)
    Accelerator program will deliver first 2,000 vehicles in California [those enthusiasts won't mind traveling to the factory]
    After Accelerator customers, other reservation holders will start receiving their Apteras
    Michigan, in particular, is difficult to sell into because of that state allows car sales only through dealers
    [Michigan Tesla customers must travel to Ohio or another state to buy their vehicles]
    Aptera has a strong viewer base on YouTube
    Slide of exploded view of Aptera's solar technology was lost, will be online later
    Polydrops, maker of lightweight, solar-powered, travel trailers wants to use Aptera's durable solar cells
    Chris says airlines will want solar-powered vehicles to move cargo around airport tarmac
    Aptera will have a big opportunity in fleet-sales due to the fuel savings and reduced need for charging stations
    Aptera may eventually be selling more fleet vehicles than consumer vehicles

    VP of Finance, Blake, joins Chris to discuss financials
    Aptera is "positioned well to become a regular reporting company with the SEC"
    NASDAQ has given Aptera the moniker SUNA (the "A" is hard, pronounced like the "A" as in "able")
    Aptera has more than 17,000 investors
    You have until June 30th to invest up to $5 million (min $1,000) before crowd-funding closes
    Thank you for your support, we're ready to tackle the future

    Chris and Blake's answers to questions from online viewers:
    Coatings on solar panels are more durable than most solar cells
    Aptera's solar cells are up to 24% efficient
    [Google: The average efficiency of commercially available solar panels is between 15% and 20%, but some can reach up to 23%.]
    Initial distribution plan: come to factory, take test drive, drive home
    Aptera doesn't want to open dealerships in restricted states [like Michigan]
    US Capitol money will be both equity debt and loan debt--details not yet finalized
    They're holding open the option to conduct crowd-funding in the future
    The 2,000 Accelerator investors will hopefully work with Aptera to help shake out teething problems
    [The Big Question:] They can't yet predict when production will begin
    The funding and supply-chain limit the early production
    Self-directed IRA investments also end June 30th; then US Capitol starts raising money
    After validation begins, Aptera will get serious about negotiating with Tesla for Supercharger access
    None of the chargers they have in-house offer bidirectional charging--it will be easy to add
    It will take years before all the components are sourced from US manufacturers
    The battery will be the first component to be re-sourced from the US
    Investors who have all types of investments (CF, D, A) will eventually get perks based on total investment
    However, the "invest $2K now, get $1K coupon plan" (started last year) isn't retroactive
    Reservation-holders will get estimated delivery dates after production begins
    [I calculate: 5,000 in 2025, 20,000 in 2026, 20,000 in 2027, so some of the 47,000 ordered deliver in 2028]
    Purchasers of launch vehicles may not be able to upgrade to some later-offered features (such as 100 kWh battery)
    Aptera doesn't want to get to a point of non-growth stability--they want to keep growing
    Aptera prices stated 3 years ago will necessarily increase due to the cost of inflation since then
    Painting is too expensive, so wraps will be the way to customize the car's exterior appearance
    Initial Apteras will come with the same-color wrap, applied in a 300-sq ft area in the factory
    Customers can specify no-wrap [I assume leaving black body components black, not white-wrapped]
    Aptera will provide DXF files for 3rd-party wrap companies to use (even for Hello Kitty, Cinnamon Roll, Paw Patrol wraps)
    Accelerator customers will get the first deliveries, not California customers [but they have to travel to California]
    Aptera has a lobbyist, but getting the government to do what Aptera wants them to do is difficult
    Aptera will support vehicle owners who want to join together as local communities of owners
    Chris hopes people will get into solar charging competitions, bragging about how many kW hours they've accumulated
    The 10,000/year production shift will require 30 assemblers and 50 support people--hiring begins in next 6 months
    Larger vehicles carrying more people and more cargo will happen after Aptera fills the 47,000 orders they have now

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