Solar EV startup Aptera Motors announced it is leaving its “crowdfunding nest” of sorts, putting a bookend on three years of its Regulation A offering to pursue private funding. The startup shared a deadline for public investors while it engages in discussions with private financial group US Capital to help (finally) get its solar EVs into scaled production.
Scaling is hard.
We’ve seen dozens of startups aim for that vital yet oh-so-difficult milestone only to fall flat and go broke. In the small but exciting segment of solar EVs, especially, finding the funds to reach scaled production has proven arduous. However, Aptera Motors has shown its tact and scrappiness in garnering funding via several unique solutions, such as crowdfunding.
In the summer of 2021, Aptera Motors launched a Regulation A offering, which provides an exemption from registration requirements with the SEC in regard to public offerings of its securities, thus opening the door for funding from its (potential) customers up to a certain amount.
In early 2023, Aptera co-founders Steve Fambro and Chris Anthony announced an Accelerator Program, requesting community funding investments from reservation holders starting at a minimum of $10,000. Those who invested in Aptera have had their deliveries prioritized with commemorative Launch Edition builds.
By February 2024, crowdfunding investors had called “dibs” on all 2,000 initial production slots, raising nearly $34 million. Even so, Aptera’s co-founders relayed that more funding would be required to scale, and the company has been exploring additional funding streams since.
Earlier this month, Aptera introduced a new investment opportunity in the form of a self-directed IRA. Less than two weeks later, Aptera shared a deadline for crowdfunding opportunities as it looks to move forward with private funding from at least one of the larger players in FinTech investments.
Aptera will stop accepting crowdfunding on June 30
Per an email sent to reservation holders and newsletter subscribers, Aptera will close its Regulation A offering on June 30, 2024, capping off three years of crowdfunding that resulted in over $100 million from more than 17,000 investors.
Those faithful investors have secured a stake in Aptera’s future as it sunsets its crowdfunding program and turns to new horizons with private financial group US Capital. Aptera co-founder and co-CEO Chris Anthony spoke about the startup’s next phase in financial security as it gears up for scaled solar EV production:
The response to our Regulation A offering has been overwhelming, and we are grateful for the support of over 17,000 investors who share our passion for clean, efficient transportation. Their investments have been instrumental in propelling Aptera towards production readiness.
Aptera’s successful crowdfunding efforts have paved the way for the company to engage with US Capital to secure funding for the production of its Launch Edition vehicles. Through this fundraising initiative, Aptera aims to bring its innovative vehicles to market at scale in 2025.
We are excited to partner with US Capital as we enter this crucial phase of production funding. Their expertise and support will enable us to realize our vision of delivering solar electric vehicles that redefine the future of transportation.
As we’ve reported in the past, the startup remains interested in an IPO to help get production over the finish line, but a partnership with US Capital can help get Aptera into production of the initial Launch Editions and possibly beyond. Anthony gives the full scoop in Aptera’s update video below.
The deadline to invest in Aptera via crowdfunding is June 30, 2024, at 11:59 PM PT.
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The major electric bicycle brand Velotric has just launched its newest model, the Velotric Breeze 1. Part commuter, part cruiser, the Breeze 1 is a fast yet comfortable e-bike intended for those who want a relaxed riding style without sacrificing performance.
Most cruiser electric bicycles are considered to be more of a laissez-faire endeavor, but the Velotric Breeze 1 is hoping to crank things up a notch with fast speeds and high-tech features.
Replacing the traditionally large and swoopy frame is a more accessible step-through design that comes in two sizes to fit a larger range of riders. But while the frame may look different than a classic cruiser, the pedal-forward geometry and swept-back cruiser handlebars definitely evoke true cruiser vibes.
That geometry, including the adjustable angle handlebars, helps give the Velotric Breeze 1 a more upright and relaxed ride.
But don’t think that just because the Breeze 1 is a relaxed ride, it can’t still bring the performance. A 750W motor offers up to 28 mph (45 km/h) of speed in unlocked mode, though the bike comes with a 20 mph limit right out of the box. To open up Class 3 speeds, users will need to use the settings menu in the color display, where a plethora of other parameters can also be adjusted.
A 48V 13.4Ah battery provides 643Wh of battery capacity, or enough for a claimed maximum range of 75 miles (120 km) in the lowest power pedal assist mode. There are also 15 levels of pedal assist and the ability to choose between the torque sensor or the cadence sensor to activate that pedal assist (and of course throttle mode, for those who don’t want to pedal at all).
While torque sensors are generally more highly praised for their ability to offer near-instantaneous power delivery and more natural feeling riding, some people prefer a cadence sensor since it can be used more like a foot throttle, allowing minimal effort from the rider. By offering the option to choose between the two, Velotric is giving everyone the opportunity to ride the way they prefer.
The battery is IPX7-rated, meaning it can be submerged in up to three feet of water. The rest of the bike is IPX6-rated, allowing owners to pressure wash the bike without worry of water getting inside. Like all of Velotric’s electric bikes, both the battery and the entire bike are UL-certified.
The Velotric Breeze 1 also includes Apple FindMy location tracking, punchy hydraulic disc brakes, bright LED lighting including turn signals, easy-rolling 27.5×2.2 urban tires, a Shimano 8-speed derailleur, and is even rather lightweight for a cruiser e-bike at just 48 lb (21.7 kg).
The seat stay-mounted tail lights are also spread wide on the rear of the bike, allowing the turn signals to function even better as directional indicators for drivers.
The bike lacks suspension, offering a purely rigid fork and frame, but is likely intended for operation on smooth beach paths and other areas without the bumpy terrain that typically begs true suspension.
Priced at US $1,799, the Velotric Breeze 1 was just launched this morning and is already available for order on Velotric’s site. The bike comes in five different colors and two different frame sizes, fitting riders between 4’11 and 6’4″ (150-193 cm).
What do you think of Velotric’s newest e-bike? Let us know in the comment section below, and be on the lookout for our own review of the Breeze 1 coming soon!
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ACME stock soars on today’s cartoonishly silly episode of Quick Charge, we watch Tesla Autopilot crash into a wall with a painting on it, make the Elon stans look silly when they point out shady behavior from their fearless leader, and toss out the notion that some franchise dealers might help the troubled EV brand make more sales in red states.
We also cover Toyota as it moves to position itself for global battery dominance by suppling batteries to more than 400,000 electrified Honda vehicles per year, plus an upgraded Xpeng G6 electric SUV that makes everything on this side of the Pacific look positively plebeian. All this and more, enjoy!
Source Links
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Tesla has already started offering 0% APR on loans for the new Model Y in China, showing a clear sign of weak demand.
We recently reported that Tesla is under increased pressure from competition in China, the world’s largest EV market.
The Tesla Model 3 was recently surpassed in sales by the Xiaomi SU7 in a record short period from starting production. The SU7 not only outsells Model 3 in China, but Xiaomi’s electric sedan has a 31-34-week-long order backlog compared to just 1-3 weeks for Tesla’s.
Last month, Tesla started offering a new RMB 8,000 ($1,100 USD) insurance subsidy and 0% loans on new Model 3 orders.
Tesla didn’t apply these same offers to new Model Y orders because Tesla enjoyed more demand for the vehicle due to the launch of the Model Y refresh, and the production launch limited the supplies.
However, we also noted that reports of more than 200,000 orders for the new Model Y were exaggerated and the current delivery timelines pointed to soft demand for the new Model Y.
We noted that a good indication of when Tesla is running out of the backlog of orders, which was opened in January, for the newly delivered vehicle would be if Tesla brings back financing incentives on the Model Y.
Today, Tesla announced that it was bringing back the 0% interest loans on the base version of the new Model Y:
The Model Y RWD is by far Tesla’s best-selling car in China and Tesla is now offering up to 3 years at 0% for a 30% down payment and some discounted rates for a smaller down payment.
The incentive starts now and up to April 30. Tesla wrote:
If you purchase a Model Y rear-wheel drive version from March 18, 2025 to April 30, 2025 and pick up the car before the order expiration date according to the delivery and payment terms in the order, eligible customers can apply for the following financial preferential plans:
Tesla currently quotes “2-4 weeks” as a delivery timeline for new orders for the new Model Y RWD, and 6-10 weeks for Long Range AWD.
The Long Range appears to enjoy a bit more demand. Tesla even slightly increased the price by RMB 10,000 yuan ($1,380).
Electrek’s Take
It’s important to consider that Tesla is believed to be selling a mix of RWD vs AWD around 3 to 1 or even 4 to 1. Therefore, any change in pricing and subsidized loans to the Short Range RWD would have a massive impact on Tesla.
I have to say, I’m surprised. I suspected Tesla would have some issues selling the new Model Y in the second half of the year after some excitement for the new version wore off and competition like the Xiaomi YU7 would arrive, but I didn’t think it would come so fast.
Even if this is because Tesla was able to ramp up production of the new version faster, which could mean more deliveries in Q1, the fact that they are already discounting them is a terrible sign of demand.
I didn’t have high hopes for Tesla’s prospects in China in 2025, but even I thought this would not come for another 3-5 months.
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