Aptera’s latest SEC filing details its financial status, solar EV reservations, and production plans
Solar EV startup Aptera Motors has submitted an Offering Memorandum to the SEC that provides numerous details about its progress in bringing its sustainable mobility technology to market. The startup continues to rely on public investment to fund its SEV development, and the latest filing details just how difficult the road to scaled production is for startups.
We’ve said it once and will say it again – scaling is hard.
Veteran startup Aptera Motors remains up to the challenge and has shared its plans for the future. It will continue to rely on outside investments to reach its holy grail of scaled solar EV production.
In the summer of 2021, Aptera Motors launched a Regulation A offering, complete with an exemption from registration requirements with the SEC in regard to public offerings of its securities while offering the opportunity for funding from (potential) customers up to a certain amount.
In early 2023, co-founders Steve Fambro and Chris Anthony announced a new “Accelerator Program,” in which Aptera accepted community funding investments from reservation holders willing to fork over a minimum of $10,000. Those who invested in Aptera have had their deliveries prioritized with commemorative Launch Edition builds – the first to be built in 2025.
This past February, Aptera relayed that all 2,000 initial production slots had been spoken for, raising nearly $34 million. Despite that influx of cash, Aptera’s co-founders divulged that more funding would be required to scale, and the company had been exploring additional funding streams.
In May, Aptera introduced a new investment opportunity in the form of a self-directed IRA, but less than two weeks later, shared a deadline for crowdfunding opportunities as seeks private funding from FinTech investment firms like US Capital.
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.
Looking ahead, Aptera still has a long road ahead of it before the masses are driving its potentially revolutionary solar EVs, but its latest SEC filing shows the startup is still very much alive.
Aptera SEC filing: $35.6M in assets and $16.1M in cash
Aptera Motors submitted an Offering Memorandum to the SEC dated May 30, 2024, sharing that it is offering up to $5 million worth of Class B Common Stock (non-voting) at a minimum investment amount of $1,000.
Per the SEC filing, Aptera must raise at least $25,000 by June 30, 2024, in order for any securities to be sold. The listed purchase price per share is $10.50, and the startup is offering perks that vary by the amount of money committed:
- Invest at least $1,000 and receive a $100 coupon toward the purchase price of an Aptera SEV. The coupon can be used for the pre-order reservation fee.
- Invest at least $2,000 and receive a $1,000 coupon toward the purchase of an Aptera SEV.
- Invest at least $10,000 and receive the following:
- 5% discount on a future vehicle.
- Invest $25,000 will receive the following:
- Investors who invest at least $27,000 will receive the following:
- The opportunity to purchase the first Aptera units it delivers to the United Arab Emirates with unique vehicle identifiers for the region.
- Invest $100,000 and have lunch with Aptera co-founders Chris Anthony and Steve Fambro.
Per the SEC filing, Aptera has a priority delivery waitlist in which the first 53 solar EVs will be delivered to the UAE that will go to investors in the Middle East who commit to at least $27,000. This is a separate perk from the 2,000 Launch Edition Aptera SEVs already secured in California. Here are some other pertinent details from Aptera’s SEC filing:
- As of May 25, 2024, the startup had 48,000 SEV reservations with a less than 5% cancellation rate and $11 million in open purchase orders (not debt)
- Its previously announced supply agreements with Yazaki, CPC Group, and CTNS are non-binding.
- As of April 30, 2024, Aptera Motors had $35.6 million in assets and $16.1 million in cash
- Between January 1 and May 19, 2024, it sold 864,580 Class B common shares for $9.1 million.
- Aptera currently has 29 full-time employees.
What’s interesting is through 38 pages of the filing, there is zero mention of US Capital, the potential investor Aptera has been in talks with but has remained extremely vague about.
While production of the Launch Edition SEVs is still targeted for 2025, Aptera shared it won’t scale more until 2026, when it expects an annual output of 20,000 units. Many of the boldened headers in Aptera’s SEC filing detail a tough road ahead, including phrases like “Our auditor has issued a ‘going concern’ opinion” and “We face significant technological and legal barriers to entry.”
Because Aptera’s journey will be so capital-intense in a highly competitive market, it said it will rely heavily on revenue from a single model (the flagship Aptera SEV) and a limited number of them. Previously, Aptera’s co-founders have hinted at plans for additional solar-powered models, but those seem a long way away as the startup continues to claw forward via capital raises and “future fundraising rounds.”
We continuously applaud Aptera Motors for its transparency with the public, so we’re confident the startup will continue to keep investors and reservation holders informed on some of the hurdles detailed above in its monthly updates. We recommend checking out the full Offering Memorandum to see the big picture of where Aptera stands and how it intends to move forward.
If anything, Aptera’s SEC filing shows just how difficult the process is to reach scaled vehicle production unless you have billions of dollars at your disposal. Still, we are very much rooting for the company and hope to get behind the wheel of a production version of the SEV in the future.
As always, you can still reserve an Aptera for $30 off here or visit the company’s investment page to support its attempt at reaching production.
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![Kia's electric van spotted in two surprising new versions [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/11/Kia-PV5-versions.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
Is it an electric van? Pickup truck? The PV5 can do it all. Kia’s electric van was caught with two new body types for the first time.
What PV5 version is Kia planning to launch?
The PV5 is more than just a futuristic-looking electric van. It’s what Kia calls “the world’s most useful electric mobility vehicle.”
It’s the first from its new Platform Beyond Vehicle (PBV) business, which will offer a wide range of customizable EVs, advanced software, and much more.
During its PV5 Tech Day event in July, Kia revealed plans to introduce seven PV5 body types, ranging from a light camper to an open-bed truck.
The PV5 Passenger and Cargo, built for personal and business use, are already rolling out in Europe and South Korea. The Cargo Compact (available in 3- and 4-door configurations) and the Cargo High Roof are also available.
New variants will include an open bed, a light camper, a luxury “Prime” passenger, a built-in truck, and a refrigerated truck.
The refrigerated truck was captured driving in public for the first time in South Korea, offering a closer look at what’s coming soon. Kia will launch three PV5 refrigerated truck models: low, standard, and high.
The video from HealerTV reveals the standard and high versions. In person, the reporter noted that the high version definitely appeared taller than the standard version.
Although the front looks like the PV5 Passenger and Cargo, the back is redesigned for the refrigerated unit. Kia has yet to reveal a launch date, but it’s expected to be by the end of 2025.
Another PV5 variant, the open-bed version, was recently spotted in public in South Korea. Although we’ve seen it a few times before, the new video, also from the folks at HealerTV, offers our best look at the truck-like variant from all angles.
Meanwhile, the PV5 Cargo just set a new Guinness World Record after driving 430.84 miles (693.38 km) on a single charge, while carrying a full load.
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The new 2026 Nissan LEAF has an EPA-estimated driving range of up to 303 miles, but real-world tests suggest it can go even further.
New 2026 Nissan LEAF beats range estimates
Nissan upgraded its iconic electric hatch for its third generation, bringing a new style, faster charging, and over 300 miles of driving range.
The 2026 LEAF boasts 25% more driving range than the outgoing model with an official EPA rating of up to 303 miles. That’s a pretty big difference from the up to 212-mile rating on the 2025 LEAF SV Plus.
In the real world, it will likely drive even further. According to Edmunds, the new LEAF “far exceeded its official EPA estimate” in early tests.
The 2026 Nissan LEAF Platinum+ was just put through the Edmunds EV Range Test, traveling 310 miles on a single charge. That’s for the Platinum+ trim, which has an official EPA-estimated driving range of just 259 miles. The SV+ is rated with 288 miles, while the base S+ has 303 miles.
Based on early tests, Edmunds expects all new LEAF trims to offer significantly more driving range than their ratings indicate.
Nissan’s new LEAF also topped the EPA’s efficiency expectations. The 2026 LEAF achieved an energy consumption of 27.8 kWh per 100 miles during the test, compared to the EPA estimated 33 kWh per 100 miles. That’s a nearly 16% improvement.
The Edmunds EV range test offers a more accurate estimate of a vehicle’s real-world range. It’s made up of 60% city and 40% highway with an average speed of 40 mph. The car stays within 5 miles of the posted speed limit, is set at its most efficient setting, and the climate control is set on auto at 72 degrees.
| 2026 Nissan LEAF trim | Starting Price | Driving Range (EPA-estimated) |
| LEAF S+ | $29,990 | 303 miles |
| LEAF SV+ | $34,230 | 288 miles |
| LEAF Platinum+ | $38,990 | 259 miles |
Starting at $29,990, the 2026 Nissan LEAF is poised to challenge the Chevy Equinox EV on price and driving range.
The Chevy Equinox EV LT delivered 356 miles of range and an energy consumption of 28.9 kWh per 100 miles during the Edmunds EV Range Test.
The electric Equinox is currently the third-most-popular EV in the US, trailing only the Tesla Model Y and Model 3. Will the upgrades be enough for the LEAF to make a comeback?
Ready to test drive one to see for yourself? You can use our links below to find Nissan LEAF and Chevy Equinox EVs closest to you.
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We’re getting the first batch of Tesla registration data out of Europe for October 2025, and it confirms the worrying trend we’ve been tracking: Tesla’s demand is in a steep decline.
Based on data from 9 key markets that have reported so far, Tesla’s registrations fell 36.3% year over year (YoY).
Just 4,170 units were registered in these countries (including Norway, France, Sweden, and the Netherlands) compared to 6,549 in those same exact markets in October 2024.
Here are the markets that reported October 2025 data so far:
- 🇫🇷 France: 83.7% Growth (1,784 vs 971) 📈
- 🇪🇸 Spain: 30.6% Decline (393 vs 566) 📉
- 🇮🇹 Italy: 47.1% Decline (256 vs 484) 📉
- 🇳🇱 Netherlands: 47.9% Decline (645 vs 1,238) 📉
- 🇳🇴 Norway: 50.2% Decline (671 vs 1,348) 📉
- 🇵🇹 Portugal: 58.7% Decline (144 vs 349) 📉
- 🇦🇹 Austria: 64.5% Decline (97 vs 273) 📉
- 🇫🇮 Finland: 67.6% Decline (47 vs 145) 📉
- 🇸🇪 Sweden: 88.7% Decline (133 vs 1,175) 📉
The only positive in October for Tesla was the French market, which saw significant growth due to a new EV incentive program for low- to middle-income people.
The rest was disastrous.
While some analysts are trying to push the idea that Tesla’s European sales have now bottomed after two years of decline, most reporting markets in October are showing the worst month of Tesla registrations this year. That includes even months before the availability of the Model Y refresh.
It also includes Norway, which has been one of Tesla’s healthiest markets amid its decline in Europe.
Looking at the year-to-date (YTD) figures for all of Europe, Tesla’s total registrations are down over 30% through the first ten months, falling from over 255,000 units by this time in 2024 to just 177,000 this year.
Electrek’s Take
I truly wonder when Elon or the board is going to do something about this. I know that their idea is that FSD is coming to save the day at some point, but that sounds ridiculous. At a 12% take rate, even once it becomes available in Europe, I doubt it will have a significant impact.
Tesla’s issues in Europe come from two main things: brand damage due to Elon Musk and competition.
Unlike in the US where Tesla has limited competition, the EV market is significantly more competitive in Europe, where some Chinese automakers are already esthablishing a presence and where European, Korean, and Japanese legacy automakers are making more EV models avialable.
Tesla needs a fresh EV lineup in Europe. And eslewhere for that matter.
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