The future of solar EVs dims: Lightyear is bankrupt, Sion fights for its life, Aptera on the brink
It’s been a real tough month for the few but extremely innovative solar EV companies out here. Having just announced a shifting of its business strategy and a request to suspend all payments to its operating company, Lightyear has officially declared bankruptcy. Sono Motors’ flagship solar EV, the Sion, is staring down a similar barrel, as the startup fights to raise more funds to keep it alive. Meanwhile, Aptera has a production-intent design, but still needs millions of dollars to get it to production.
Let’s begin with the worst news and try to find some more positive tidbits going forward. It pains me to say this, but Lightyear has officially declared bankruptcy. Just three days after announcing a halt to all Lightyear 0 production to focus on the 2, it appears the future of each is in limbo, or even worse, will remain an extremely aerodynamic dream.
At the time, Lightyear shared that it had requested a halt to all payments to Atlas Technologies B.V. – its operating company responsible for its solar EV production. The suspension was granted by Rechtbank Oost-Brabant located in the Netherlands, appointing someone from Holla legal & tax as the trustee. Per the release:
Lightyear regrets having to make this announcement for all employees, customers, investors and suppliers and will work closely with the curator and all the people who are involved and hope for their understanding and support. In the coming period the curator will focus on the position of the employees and creditors as well as assessing how the Lightyear concept can be continued.
This news continues to come as a shock for many as Lightyear was just teasing its second solar EV model at CES in early January, full staff in tow. As the last sentence from Lightyear states, its solar EVs stumble back into “concepts” rather than production vehicles.
Its only hope now may be for someone to purchase its intellectual property and take a crack at scaling, or it regroups for several years, garners more funding, and re-emerges like Aptera did.
More on Aptera in a second, but we’ve got another solar EV update from Sono Motors as well, and it’s not nearly as devastating… at least not yet.
Sono raises over $50M, extends #SaveSion campaign
Lightyear may have lost its shirt, but another solar EV startup in Europe still has some fight left in it. In early December, Sono Motors CEOs and cofounders Jona Christians and Laurin Hahn delivered a public statement outlining the financial struggles of its Sion solar EV program.
They explained that the future of the Sion was on the edge of being scrapped completely so Sono could focus on its revenue-generating solar technology business. As a company that has been saved by its network of loyal fans before, Sono launched a 50-day fundraising campaign called #SaveSion asking reservation holders to commit to their solar EV purchase.
Sono Motors explained it would use those committed funds to help kick off a 12-month journey to get the Sion solar EV into production. Following the full 50-day campaign, Sono says it has raised over €47 million (about $51M). However, that’s merely half of its target to proceed with Sion production.
Now, the Sono team says talks with potential investors are progressing, so it has extended the #SaveSion campaign through February. Sono cofounder and CEO Laurin Hahn spoke:
Our plan to send a clear signal to both the market and investors through growing reservations, payment commitments, and additional sources of almost €50 million seems to be working. We are in ongoing talks with potential investors and believe that the campaign’s extension positions us to reach our target of approximately €100 million and proceed with the Sion program. The engagement of thousands of Community members has proven the market demand for the Sion once again. The determination we feel from the thousands of calls, emails, and personal interactions with the Community, combined with the inquisitive feedback of numerous potential investors, empowers us to continue both the campaign and our fight for the Sion – our affordable, climate-friendly and unparalleled mobility solution.
While fighting to raise capital, Sono Motors has continued its testing and series-validation program of the Sion, which it says remains on a fast track to start pre-series production this summer. Pending February’s results of course.
Reservations can currently be made in 27 different European regions, but unfortunately, US consumers cannot join the movement. You can learn more at the #SaveSion dedicated page.
Aptera adds DC fast charging to solar EVs but needs cash
Last but not least is Aptera, the only US-based solar EV startup on our list today. Nothing new to report this second, so just a quick recap while we’re talking SEV struggles. Last week, the company presented a preconfigured Launch Edition of its Aptera Solar EV, which will be the first version available to reservation holders if and when it reaches production.
If that does happen, we’ve learned the Launch Edition (and any other Apteras) will come with DC fast-charging capabilities after the company made a quick U-turn on statements last week that said otherwise. This sent fans of the solar EV company into a tizzy, but Aptera’s founders took the feedback to heart… plus they were already developing the capability anyway, so they decided to add it.
Regardless of fast-charging capabilities, there’s still a chance that Aptera follows the same fate as Lightyear (and potentially Sono) by running out of money. During last week’s reveal, cofounder Chris Anthony explained that Aptera is in need of at least $50 million in additional capital this year just to reach the first gate of volume solar EV production.
To date, the company says it has raised $85 million from over 15,000 investors, including previous crowdfunding campaigns, but will need more cash to implement the necessary tools and machinery to mass produce its vehicles.
In addition to more crowdfunding, Aptera’s founders explained they are seeking government loans and grant programs to reach that additional $50M and beyond. All in all, the Launch Edition SEVs are still 12 months away at the earliest, pending Aptera’s own capital raise campaign.
Not the brightest time for solar EV development, but the technology has been proven effective and could truly change electric mobility… someday. We just need to see who has deep enough pockets to scale it to the masses.
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Environment
CNBC Daily Open: The U.S. tech-sell off extends to its second day — but don’t let it ruin your summer
Tesla has started offering leases of certified pre-owned cars, which is relatively rare in the industry, with $0 down as it desperately tries to move vehicles before the end of the quarter.
With the federal tax credit for electric vehicles set to expire at the end of the quarter, automakers in the US are all trying to optimize EV sales, as demand is being pulled forward.
This also applies to used EVs, as the $4,000 federal incentive for used electric vehicles will also expire on September 30th.
Now, leasing used vehicles is much less common than leasing new cars, but some automakers, or mainly dealers, do offer it.
Tesla is getting into this business for the first time.
In California and Texas, Tesla is now offering leases on certified pre-owned (aka used) Model 3 and Model Y vehicles.
These are reasonably priced and can be as low as $215 per month with $0 down for a 24-month lease and 10,000 miles per year.
Tesla also offers a 12-month lease and up to 15,000 miles annually. While there’s no down payment needed, there’s an “Acquisition Fee” of $695.
That, and the first month, is all you need to get in a used Tesla for the next year or two.
This is undoubtedly the cheapest way to get into a Tesla vehicle right now.
Tesla is trying to sell as many vehicles as possible in the US this quarter, as demand for EVs has been pulled forward due to the end of the tax credit. This is expected to result in a record quarter in the US, but it also going to create a few difficult ones in the future.
With demand being pulled forward and future buyers feeling like they missed out on EV discounts, the US EV market is expected to experience a significant slowdown over the next 12 to 18 months.
Tesla sales are down about 13% globally so far this year. While this quarter is expected to be better, many analysts still anticipate Tesla’s year-over-year performance to be down.
This year alone, Tesla added more than 50,000 electric vehicles to its inventory.
Used cars have also been piling up.
Tesla owners rushed to sell their vehicles as Tesla’s brand perception dived following its CEO’s involvement in politics.
We previously reported that the average used Tesla sale price has recently dipped below the overall average used car sale price in the US.
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Danish equipment makers HG build job site dumpers that help move sand, rocks, debris, construction waste, and building supplies across rugged, uneven urban job sites. And with the introduction of their newest E3000 model, they’re helping move more than three tons of that stuff without emissions and — just as crucially — without noise.
HG announced the E3000 electric site dumper just this week, adding the new 3 tonne capacity to its growing lineup of 1 and 2 tonne dumpers (that’s over 6,600 lbs., in “landed on the Moon” units). With a 180° swivel tip on the bucket as standard equipment and an optional high tip version available at launch, it should be able to handle just about anything a hard working construction crew can throw at it.
“With the HG E3000, we once again prove that electric dumpers are not only better for people and the environment. They are also more efficient, cheaper to operate, and can run more than a full working day on a single charge,” explains Nikolaj Birkerod, CEO of HG, told Power Progress. “With 3 tonne dumpers, we are proving, as we already have with 2 tonne dumpers, that we can deliver on both performance and reliability while enabling customers to save 15% per operating hour compared to a diesel dumper.”
Exact specs haven’t been released, but HG claims the E3000’s 29 kWh is good for 12 full hours of continuous, loaded operation, and that it can be fully recharged on a “standard” 220 charger (L2) in about four hours. If you’re curious about what has been released, I’ve got all that for you right here:
The only all-electric dumper on the market that gives you 12 working hours while carrying 3 tonnes payload.
Our latest addition to accelerate 100% machinery:
- 3-ton payload for high-capacity material handling
- 12-hour working – a full day’s work without recharging
- Optional high tip for quick and flexible unloading into containers and trucks
- 180° swivel tip as standard for precise placement of loads
- Fast charging: 0–100% in approx. 4 hours with the integrated charger
- Lithium 29 kWh battery with automatic heating for all-season use
- One-pedal drive for smooth and intuitive operation
The E3000 is built for contractors and rental companies who demand maximum productivity without compromising on environmental responsibility.
With a carrying capacity of 3 tonnes and an industry-leading 12 hours of effective runtime on a single charge, it’s proof that heavy-duty work and zero emissions can go hand in hand.
At the heart of the E3000 is HG’s patented articulated drivetrain with four independent in-wheel motors. This unique design delivers the most energy-efficient power transfer in the industry, using significantly less power than conventional electric system. This translates directly into lower operating costs and more hours on site between charges.
No word yet on pricing or whether or not the new dumper will eventually be sold outside the European market, but we do know that HG plans to deliver the first examples of its new machine to customers by early 2026.
Electrek’s Take
While there are a lot of people outside the urban construction space who may scoff at environmental concerns, the quest for improved efficiency and cost reduction among commercial fleet managers knows no political ideology. Add in more restrictive noise regulations and the side benefits of improved job site safety and fewer sick days, and electric equipment is a no-brainer.
Simply put: If it’s better or cheaper, fleets will buy it. If it’s better and cheaper, they’ll buy two — and battery powered equipment is proving to be consistently better, in a broader scope of use cases, than diesel.
SOURCES | IMAGES: HG Machines, Power Progress.
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