Lightyear reemerges as new slimmed down company, will continue developing its solar EV
Months after officially declaring bankruptcy but vowing to continue development of its mass-market solar EV, Lightyear has restarted its business as a new company with a significantly smaller team. In order to raise additional funds to continue its quest to bring affordable SEVs to the masses, Lightyear plans to auction off the few models of the Lightyear 0 that were originally built.
In the exciting by recently ill-fated segment of solar EVs, Netherlands-based startup Lightyear has been one of the most exciting to follow. Its original concept evolved into the Lightyear 0, which actually reached production for a fleeting moment in late 2022, as the company began to tease its second, more affordable model – the Lightyear 2.
Mere weeks after given a select group (including yours truly) a sneak peak of the 2 at CES in January, Lightyear suddenly declared bankruptcy relinquishing its business to a Dutch legal and tax firm. The sun appeared to had unfortunately set on the solar EV startup, who was previously touting some of the most impressive in-house technology in the segment, falling just short of delivering one of the most aerodynamic passenger vehicles ever made.
In February, however, a ray of hope shined through the dark clouds over Lightyear HQ as it vowed to restructure into a new company and continue its work. The startup stated that Individual Investors Group (IIG) let by initiator Arnoud Aalbersberg, was helping facilitate a relaunch by raising enough funding to act as a base for the new company, raising 8 million euros in a single day.
While Lightyear is by no means out of the woods yet, it has officially been reborn and will continue its fight to bring the Lightyear 2 solar EV to production. Here’s the latest.
Lightyear to auction of 0 SEVs to pay its creditors
According to a press release from the startup today, it has achieved a restructuring plan that has satisfied all parties in involved, relaunching as an entirely new company called Lightyear Technologies. Following the initial bankruptcy declaration in January, Lightyear’s parent company, Atlas Technologies Holding followed suit today – a necessary step to allow for Lightyear to be reborn as the new entity.
Through the restructuring, the startup’s IP and a separate solar panel division will become part of Lightyear Technologies, combining for a team of just about 100 employees – significantly smaller than the 600 on staff in the company’s first iteration. CEO and cofounder Lex Hoefsloot spoke to the rebirth:
I am very happy that we managed to complete the restructuring, which we believe is in the interest of the sustainable success of Lightyear, taking into account the interests of its stakeholders. The whole team and many of our stakeholders have worked hard to make this possible. I would like to explicitly thank all of them.
The new company was made possible by some Lightyear’s largest investors, including SHV, DELA, Eikenbosch Holding, Invest-NL, BOM, and LIOF in addition to IIG mentioned above. The goal now is to continue to limit damage done to creditors that led to the bankruptcy filing.
With the successful restructuring and a new round of funding, Lightyear states it can once again trek forward with a focus on the aforementioned Lightyear 2 solar EV, but it will need to raise additional funding to succeed.
In the meantime, bankruptcy administrator Reinoud van Oeijen said some of the company’s stocks will be sold in the near future and will include the sale of the few Lightyear 0 demo vehicles that were built. Later this month, there will be a special online auction to raise money to pay back the creditors. It will be preceded by a viewing day on April 19, when interested parties can come and see the solar EVs in person. Van Oeijen spoke:
We have tried to represent the interests of employees from the Netherlands and abroad as well as possible. At the same time, we also tried to limit the damage to the creditors as much as possible. This way, there was a chance of a restart.
It was a complex issue we were facing with many stakeholders. Fortunately, the restart has been achieved within a reasonable short period of time and everyone now has clarity.
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Tesla has partnered with Steak ‘n Shake to deploy Superchargers at up to more than 100 restaurant locations.
The partnership between Tesla and the American fast food chain has been revealed through a strange series of posts on X.
First, Tesla CEO Elon Musk commented on Steak ‘n Shake’s announcement that it is switching from using seed oils to beef tallow.
The restaurant responded by proposing “Tesla charging stations at Steak n Shake”, but they apparently didn’t know that it was already happening as Tesla responded that they had already signed on 6 sites and they have over 20 more in review:
The Steak n Shake account responded by suggesting that the partnership extend to over 100 locations:
Thank you Tesla Charging! Let’s do over 100 locations. Consider all sites approved!
The chain operates over 400 locations around the world – many of them in the midwest. A lot of these locations are located near highways, where Tesla prefers to deploy charging stations.
It’s not the first time that Tesla has partnered with a restaurant for multiple Supercharger locations. It also has a deal with Ruby Tuesday.
Tesla is currently deploying its latest V4 Superchargers capable of 500 kW – with the first stations expected to come online in the US later this year.
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Volkswagen’s electric SUV is making a comeback. Last month, the Volkswagen ID.4 topped Tesla’s Model Y to become the best-selling EV in Europe, and it was even in the top three in the US.
Volkswagen ID.4 was EU’s best-selling EV, top 3 in the US
Although new vehicle registrations fell 2% in Europe last month, electric vehicles were a bright spot, with BEV sales up 37% from the year prior.
According to JATO Dynamics, 165,473 EVs were registered in Europe in January. The Volkswagen ID.4 took the top spot after registrations surged 195% to 7,177, overtaking the Tesla Model Y.
Tesla Model Y registrations plunged 46% in Europe last month to 6,155. The Model 3 refresh, which was launched in late 2023, had a 44% decline in registrations. Overall, Tesla registered only 9,913 vehicles in January 2025, a 45% decline from last year.
While the arrival of the new Model Y plays a role, backlash against Elon Musk’s increasingly outspoken political antics is also causing widespread hate among owners in the US and Europe.
Felipe Munoz, Global Analyst at JATO said the solid performance of EVs is “particularly impressive given the significant dip in sales that Tesla experienced” in January.
He explained, “it’s not unusual for sales to drop just before a new generation or an updated model is introduced to the market.”
Although sales are expected to pick up again, Munoz added, “The performance of both the Model 3 and Model Y is an indication of the declining popularity of Tesla in Europe overall.”
Volkswagen is taking advantage with the ID.4 taking the top spot, and the ID.7 placing third with 5,879 registrations, up 657% from January 2024.
Kia’s mass-market EV3h launched in late 2024, took fourth with 5,792, while the Skoda Enyaq rounded out the top five.
Chinese automakers, like BYD and MG, are starting to gain some real traction in Europe. With 37,134 vehicles registered last month, up 52% from January 2024, Chinese brands accounted for 3.7% of the market. That’s up from the 2.4% market share in January 2024.
Although still a relatively small number, combined, it would put them ahead of Ford, which registered 35,790 vehicles in Europe last month.
Electrek’s Take
The ID.4 appears to be making a comeback. After it went back on sale early last month, Volkswagen’s ID.4 was already the third best-selling EV in the US in January behind Tesla’s Model Y and Model 3.
Despite its success in Europe and the US, Volkswagen, like most global OEMs, is struggling in China. VW’s Chinese joint venture with SAIC cut the price of the ID.4 X, its version of the electric SUV sold in China, to under $20,000 (139,900 yuan) this week.
With leases starting as low as $189 per month in the US, it’s no wonder the ID.4 is already a top seller. If you’re ready to check it out for yourself, you can use our link to find deals on the Volkswagen ID.4 in your area.
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Elon Musk has reportedly ‘canceled’ a Tesla engineer for complaining about the CEO’s behaviors on social media.
As we recently reported, Tesla insiders are finally starting to speak out against Elon Musk over his increasingly unhinged social media presence.
For example, just today, he called CNN legal analyst Norm Eisen’s family a “crime family” because someone wrongly claimed that his daughter received millions of dollars from USAID when it was just someone with the same last name.
However, it looks like Musk and Tesla are actively suppressing employees speaking out.
The New York Times reports that Tesla has fired Jared Ottmann, a manager of battery thermal supplier industrialization engineering, over his complaints about Musk.
Ottmann, who has been at Tesla for 6 years, says that he has been raising concerns internally about Musk’s use of social media for the last 3 years, but he ramped up his effort last month after Musk’s salute at the Trump inauguration.
The engineer specifically took offense to a tweet that Musk posted in the aftermath of the inauguration. Instead of apologizing and saying that he didn’t mean to make a Nazi salute, Musk decided to attack the media for even suggesting that the gesture was a Sieg Heiland tweeted this:
Ottmann commented on the post:
This post by Tesla’s current CEO name drops genocidal assholes as a joke and has 308,000 likes.
The engineer says that he raised the issue with Tesla and while he gets “personally support”, he says the company remains silent about Musk’s behavior:
Starting in 2022 and especially the last week I’ve raised the issue internally multiple times, with managers, HR, legal compliance, investor relations. And while overwhelmingly people offer personal support, Tesla as a company has remained silent.
Ottmann, who has been promoted 4 times in 6 years at Tesla, has now been let go.
Electrek’s Take
For a guy who calls himself a “free speech absolutist” and “anti-cancel culture”, he canceled this engineer pretty quickly when he didn’t like how he was exercising his free speech.
This is obviously an attempt at scaring other Tesla employees from speaking out at Tesla.
It’s one of my main concerns about the automaker: it’s not a meritocracy that attracts top engineering talent anymore. One of the main criteria to work at Tesla now is to support its CEO, who is off the deep end.
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