This electric pickup render is worth $125 million?
Alpha Motor is raising money from small investors at $125 million for its electric pickup truck that is nothing more than a few renders and a pusher model.
We reported on Alpha Motor after it was all over the media for unveiling renders and specs on the Alpha Motor Electric Wolf, an electric pickup truck.
Starting at just $36,000 with specs like 275 miles of range, the Wolf grabbed people’s attention; the retro-looking design was also appealing to many.
However, the company offered very little information as to who was behind the effort and how they would deliver this product.
At the time, we dug into the filing and couldn’t find anyone with real engineering background behind the effort, casting doubts about the claims made in the original release and the seriousness of the effort as a whole.
Now Alpha Motor has launched a crowdfunding effort to raise up to $5 million at a valuation of $125 million. It has already raised almost $700,000 from 399 small investors:
That’s an ambitious valuation for a company that doesn’t even appear to have a prototype other than a non-working model that it displayed at the Petersen Museum.
Furthermore, the team, which has now been clarified since the original filing, doesn’t have any engineering experience to develop these ambitious electric vehicles.
The person with the most automotive experience appears to be the founder and CEO Edward Lee, but his experience is limited to exterior design.
Kevin Lee – listed as chief of research and development – is responsible for R&D at Alpha. His profile on the crowdfunding profile claims that he has “over 17 years of experience leading the development process of vehicles from concept to production stages, which includes the successful Tesla Model 3.”
However, when looking at his work history, it appears that Lee is a modeler and not an engineer. He graduated from the Art Center College of Design like the CEO.
A SEC filing shows that the company is relying on having 52,000 of what it calls “pre-order indications” to justify its $125 million valuation. That’s a strange term, and the company appears to use it to stay on the cautious side of things as many EV startups have been accused of exaggerating pre-orders.
In Alpha’s case, the company’s “pre-order indications” are non-binding and don’t require a deposit; therefore, they basically represent the lowest form of a show of interest in Alpha’s vehicles.
According to the same filing, Alpha has so far only managed to raise $1 million in the form of a convertible note from two individuals who are related to CEO, Edward Lee.
Depending on how much Alpha can raise in this round, it expects to be able to support itself for the next 7 to 13 months. They plan to use the proceeds to try to find further investments in order to bring its electric vehicles to market around 2025.
Like Fisker, they plan to work with other companies to produce the vehicles.
Electrek’s Take
I don’t like to talk negatively about entrepreneurship in the EV space, but I just don’t think this is a serious effort, and the route they are taking with a Regulation A crowdfunding shows that.
$125 million valuation for what basically amounts to a few cool designs is ridiculous; don’t get me wrong, the designs are cool, and this seems to be this team’s strength. But they got those 50,000+ shows of interest not only for the designs but also from them promising impressive EV specs at a $36,000 price point.
No one with decent knowledge of the EV industry believes that they can deliver that without some significant engineering advancements. They don’t seem to have the team to do that, so it’s just all make believe at this point.
Also, the auto industry is super capital-intensive, and bringing a vehicle to market generally takes over $500 million. Crowdfunding is generally last resort, and they are going to have a tough time raising that if they are already going to crowdfunding.
I am extremely skeptical of any EV startup going through crowdfunding like Atlis Motor and now Alpha Motor. Even companies like Aptera I tend to keep a healthy skepticism about, but I do believe they have a better chance since they are not trying to bring a full vehicle to market. Aptera’s trike is subject to fewer regulations than a full-size car and is, therefore, a lot less costly to bring to market.
Either way, you should be extremely cautious about investing in any EV startup, especially those doing crowdfunding.
FTC: We use income earning auto affiliate links. More.
Genesis is preparing to shake things up with its most luxurious SUV yet, the GV90. Thanks to a new patent filing, we are getting a detailed look at how its Rolls-Royce-style coach doors will work.
New patent reveals Genesis GV90 coach door system
When Genesis first unveiled the full-size SUV at the NY Auto Show last March, it wasn’t the stunning design or advanced tech that caught everyone’s attention. It was the coach doors.
Although we were worried it wouldn’t make it to the production model, like many concepts, the Genesis GV90 will be offered with coach doors.
The ultra-luxe electric SUV was first caught with coach doors earlier this year on a car carrier in South Korea. Just last month, the GV90 was spotted in California with a hinge at the rear to open the coach doors.
After several new patents were filed with the United States Patent and Trademark Office for new door latching devices, we are getting a sneak peek at how they are expected to work.
The patents, titled “Cinching Device For Door Latches in Vehicle,” and “Door Latch Device for Vehicles,” give a pretty detailed explanation of how the Genesis GV90’s coach doors will operate. The “Door Latch Device” uses a door striker on the lower side of the door, which is opened or closed by a hinge unit.
Unlike traditional doors, which use the B-pillar for support, the device is attached directly to the door itself, allowing for hinge-like movement.
The cinching device works in a similar way. It’s also attached to the door and part of the vehicle. However, unlike most of its kind, Genesis found a way to use a single cinching device to control multiple units. Again, the device is used for B-pillarless doors that swing open.
Genesis already said that B-pillarless coach doors are now feasible in production vehicles. The patent reveals a glimpse into how the luxury automaker could make it a reality.
Although the Genesis GV90 is expected to be offered with coach doors, they will likely not be standard. Other variants, with traditional door handles, have also been spotted testing in the US and South Korea.
Genesis is expected to launch the GV90 in mid-2026. It will be built at Hyundai’s Ulsan plant in South Korea. The flagship Genesis SUV is scheduled to debut on Hyundai’s new eM platform, which the company said will “provide 50% improvement in driving range.” It will also be loaded with the latest technology, software, connectivity, and Level 3 or higher autonomous driving capabilities.
Source: USPTO
FTC: We use income earning auto affiliate links. More.
Environment
Podcast: Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the launch of the Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
FTC: We use income earning auto affiliate links. More.
July EV sales looked strong on the surface, but the looming impact of tariffs and the end of EV tax credits reveal a more complicated picture, according to Cars.com’s new Industry Insights report.
New-vehicle sales jumped 6.6% year-over-year, even as dealer inventory fell for the first time since 2022. Much of the spike came from a “buy now” mindset as shoppers raced to lock in deals before tariffs and policy changes drive prices higher. For EVs in particular, the looming end of the federal $7,500 tax credit on September 30 added another layer of urgency.
EV inventory growth is slowing – for now
Shoppers technically have more EV options than ever, with 75 models on the market – a 27% jump from last year. But new EV inventory growth has slowed to just 9% year-over-year, the lowest since before the Inflation Reduction Act revived federal incentives. Analysts expect another wave of buying before the tax credit vanishes, but after that, higher prices could cool demand, especially with most new EVs still priced in the premium-to-luxury bracket.
Tariffs set to push prices higher
Automakers absorbed an estimated $12 billion in tariff costs in the second quarter alone to keep sticker prices steady. That’s not sustainable, and once those costs flow into 2026 models, EV buyers could be facing thousands more on the same car.
At current 25% tariff levels, the average new-vehicle price could jump from $48,000 to $54,400 – about $6,400 more. Even if trade deals trim tariffs to 15%, buyers would still see increases of more than $4,000. That’s a huge gap compared to household incomes, which grew only 1% last year.
The used EV market is heating up
While new EV prices are bracing for impact, the used EV market is gaining momentum. Inventory is up 33% year-over-year, while average prices dipped 2% to $36,000. Affordable used EVs under $25,000 – including the Tesla Model 3, Nissan Leaf, and Chevy Bolt EV – are selling 20% faster than average. Many also qualify for the $4,000 used-EV tax credit, which, like the new EV credit, ends September 30.
Read more: Global EV sales hit 10.7M in 2025 – Europe surges, US stalls
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment3 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike