Startup electric-cars maker Aptera Motors has closed and will liquidate, CEO Paul Wilbur said in a statement today. He said that while Aptera had received conditional approval for a $150 million from the U.S. Department of Energy, it was unable to raise additional capital required to kick off production of its first electric car.
“After years of focused effort to bring our products to the market, Aptera Motors is closing its doors, effective today,” Wilbur said in a 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.”
“It is especially disappointing since we were so close…”
The company’s inability to raise money shows a hesitation in investors towards electric-vehicle starts-up, the CEO said. He said that there is currently many difficulties involved in launching an EV company.
“A couple years ago, there were a lot of people who thought the automotive industry is easy,” Wilbur said. “It isn’t.”
Aptera’s 30 employees were let go.
– By: Omar Rana
Source: Automotive News