Connect with us

Published

on

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 crowdfunding
Source: Aptera Motors/YouTube

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.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Elon Musks doubles down on never making a Tesla motorcycle

Published

on

By

Elon Musks doubles down on never making a Tesla motorcycle

We’ve heard it before, that Elon Musk doesn’t want Tesla to ever make an electric motorcycle. But the polarizing CEO has taken to social media to explain why he still says it will never happen.

As Musk confirmed, the issue isn’t that he doesn’t think Tesla could build an electric motorcycle, but rather that he doesn’t think they are safe to begin with.

He replied, “Never happening, as we can’t make motorcycles safe,” in response to an AI video about a fake Tesla motorcycle uploaded to his X platform (formerly Twitter).

Musk then referenced a previous story he has told several times about how he was nearly killed by a truck while riding a motorcycle in his youth.

Advertisement – scroll for more content

Though he seemed to direct his feelings more towards street motorcycles. “Dirt bikes are safe if you ride carefully,” continued Musk, “as you can’t be smashed by a truck.”

Tesla’s own Autopilot features have long been criticized for their danger to motorcyclists, with several high-profile deaths caused by Tesla vehicles striking motorcycles while operating under Autopilot. Many have suggested that the company’s vision-focused self-driving setup confuses the more narrowly spaced paired tail lights on the back of cruiser motorcycles for a car farther in the distance, potentially explaining why Teslas have repeatedly rear-ended motorcyclists, with fatal results.

The electric motorcycle industry may not get a Tesla halo anytime soon, but it’s hardly standing still. Legacy brands like Honda, BMW, and Kawasaki are finally rolling out real production models, while companies such as Zero and LiveWire continue pushing the segment forward with higher performance and growing dealer support. Smaller companies like Ryvid have jumped to meet the demand for affordable commuter-focused motorcycles, while Asia’s giants such as Yadea and NIU are flooding the market with affordable scooters, driving global adoption far faster than in the US.

It appears that even without Tesla, electric motorcycling is expanding rapidly, innovating quickly, and attracting more riders every year.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Double your chances in Climate XChange’s 10th Annual EV Raffle!

Published

on

By

Double your chances in Climate XChange's 10th Annual EV Raffle!

Climate XChange’s Annual EV Raffle is back for the 10th year running – and for the first time ever, Climate XChange has two raffle options on the table! The nonprofit has helped lucky winners custom-order their ideal EVs for the past decade. Now you have the chance to kick off your holiday season with a brand new EV for as little as $100.

About half of the raffle tickets have been sold so far for each of the raffles – you can see the live ticket count on Climate XChange’s homepage – so your odds of winning are better than ever.

But don’t wait – raffle ticket sales end on December 8!

Climate XChange is working hard to help states transition to a zero-emissions economy. Every ticket you buy supports this mission while giving you a chance to drive home your dream EV.

Advertisement – scroll for more content

Here’s how Climate XChange’s 10th Annual Raffle works:

Image: Climate XChange

The Luxury Raffle

  • Grand Prize: The winner can choose any EV on the market, fully customized up to $120,000. This year, you can split the prize between two EVs if the total is $120,000 or less.
  • Taxes covered: This raffle comes with no strings – Climate XChange also pays all of the taxes.
  • Runner-up prizes: Even if you don’t win the Grand Prize, you still have a chance at the 2nd prize of $12,500 and the 3rd prize of $7,500.
  • Ticket price: $250.
  • Grand Prize Drawing: December 12, 2025.
  • Only 5,000 tickets will be sold for the Luxury Raffle.

The Mini Raffle (New for 2025)

  • Grand Prize: Choose any EV on the market, fully customized, up to $45,000. This is the perfect raffle if you’re ready to make the switch to an EV but aren’t in the market for a luxury model.
  • Taxes covered: Climate XChange pays all the taxes on the Mini Raffle, too.
  • Ticket price: $100.
  • Only 3,500 tickets will be sold for the Mini Raffle.

Why it’s worth entering

For a decade, Climate XChange has run a raffle that’s fair, transparent, and exciting. Every ticket stub is printed, and the entire drawing is live-streamed, including the loading of the raffle drum. Independent auditors also oversee the process.

Plus, your odds on the Luxury and Mini Raffles are far better than most car raffles, and they’re even better if you enter both.

Remember that only 5,000 tickets will be sold for the Luxury Raffle and only 3,500 for the Mini Raffle, and around half of the available tickets have been sold so far, so don’t miss your shot at your dream EV!

Climate XChange personally works with the winners to help them build and order their dream EVs. The winner of the Ninth Annual EV Raffle built a gorgeous storm blue Rivian R1T.

How to enter

Go to CarbonRaffle.org/Electrek before December 8 to buy your ticket. Start dreaming up your perfect EV – and know that no matter what, you’re helping accelerate the shift to clean energy.

Who is Climate XChange?

Climate XChange (CXC) is a nonpartisan nonprofit working to help states pass effective, equitable climate policies because they’re critical in accelerating the transition to a zero-emissions economy. CXC advances state climate policy through its State Climate Policy Network (SCPN) – a community of more than 15,000 advocates and policymakers – and its State Climate Policy Dashboard, a leading data platform for tracking climate action across the US.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

This fun-vibes Honda Cub lookalike electric scooter is now almost half off

Published

on

By

This fun-vibes Honda Cub lookalike electric scooter is now almost half off

The CSC Monterey – one of the most charming little electric scooters on the US market – has dropped to a shockingly low $1,699, down from its original $2,899 MSRP. That’s nearly half off for a full-size, street-legal electric scooter that channels major Honda Super Cub energy, but without the gas, noise, or maintenance of the original.

CSC Motorcycles, based in Azusa, California, has a long history of importing and supporting small-format electric and gas bikes, but the Monterey has always stood out as the brand’s “fun vibes first” model. With its step-through frame, big retro headlight, slim bodywork, and upright seating position, it looks like something from a 1960s postcard – just brought into the modern era with lithium batteries and a brushless hub motor.

I had my first experience on one of these scooters back in 2021, when I reviewed the then-new model here on Electrek. I instantly fell in love with it and even got one for my dad. It now lives at his place and I think he gets just as much joy from looking at it in his garage as riding it.

You can see my review video below.

Advertisement – scroll for more content

The performance is solidly moped-class, which is exactly what it’s designed for. A 2,400W rear hub motor pushes the Monterey up to a claimed 30 mph or 48 km/h (I found it really topped out at closer to 32 mph or 51 km/h), making it perfect for city streets, beach towns, and lower-speed suburban routes.

A 60V, roughly 1.6 kWh removable battery offers around 30–40 miles (48-64 km) of real-world range, depending on how aggressively you twist the throttle. It’s commuter-ready, grocery-run-ready, and campus-ready right out of the crate.

It’s also remarkably approachable. At around 181 pounds (82 kg), the Monterey is light for a sit-down scooter, making it easy to maneuver and park. There’s a small storage cubby, LED lighting, and the usual simple twist-and-go operation. And it comes with full support from CSC, a company that keeps a massive warehouse stocked with components and spare parts.

My sister has a CSC SG250 (I’m still trying to convert her to electric) and has gotten great support from them in the past, including from their mechanics walking her through carburetor questions over the phone. So I know from personal experience that CSC is a great company that stands behind its bikes.

But the real story here is the price. Scooters in this class typically hover between $2,500 and $4,500, and electric retro-style models often jump well above that.

At $1,699, the Monterey is one of the least expensive street-legal electric scooters available from a reputable US distributor, especially one that actually stocks parts and provides phone support.

If you’ve been curious about swapping a few car errands for something electric – or you just want a fun, vintage-styled runabout for getting around town – this is one of the best deals of the year.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending