Solar car maker Aptera is about to go public and I’m worried
Aptera, the company behind a highly efficient electric vehicle capable of charging from the sun, is about to go public, but its approach raises concerns.
Is it the end of another solar car project?
There have been a handful of “solar car” projects and they all have failed so far.
I put “solar car” in quotes because they are essentially small electric vehicles that are so efficient that adding solar panels can contribute relatively significantly to charging the car.
Aptera is one of the rare survivors, thanks to a couple of relatively successful crowdfunding efforts. The company has been inching closer to bringing its vehicle to production, but it still appears to need some investments to make it happen.
Now, Aptera is going public.
Generally, that’s good news. An initial public offering (IPO) means that a company is going to raise capital for its operations and give more people the opportunity to invest in the company.
However, Aptera is not doing a traditional IPO. It’s not even doing a SPAC deal. It’s doing a direct listing, which means that if approved by NASDAQ, it will allow shareholders to trade their shares on the public market.
This is usually an exit strategy for existing shareholders. Aptera won’t receive any proceeds from going public. They wrote in their SEC filing:
This prospectus relates to the registration of the resale of up to 31,741,948 shares of our non-voting Class B common stock… We will not receive any proceeds from the sale of shares of Class B common stock by the registered stockholders.”
What good could come out of this for the company?
As of the end of June 2025, the last reporting date, Aptera had about $13 million in the bank, and it is burning through more than that in a year – meaning it is running out of cash.
The company needs to be infused with capital soon, and this direct listing is not it.
Meanwhile, Aptera stated that the public listing will not occur until at least October 14, next week, to allow shareholders, including those who invested in the crowdfunding rounds, sufficient time to transfer their shares into their broker accounts and trade them.
Electrek’s Take
As I previously disclosed, I invested a small amount in Aptera’s crowdfunding campaign a few years ago. Nothing I wasn’t entirely willing to lose. I knew and consistently stated that the project would be challenging to bring to market.
I invested because I love the project and wanted to help give them a chance to succeed. I not only like the solar aspect, but also the idea of creating a hyper-efficient vehicle that still retains a relatively high level of utility.
But this smells like the end to me. I’d love to hear your take in the comments below, but I don’t see a way out of this for the company.
I guess there’s a possibility that insiders somehow hold, and there’s some public demand for the stock amid this crazy bubble we are in – resulting in a price increase, which Aptera takes advantage of with a public offering. But that sounds far-fetched, doesn’t it?
What other possible scenarios are there except for the obvious one where current shareholders quickly dump their shares, the stock crashes, Aptera can’t raise capital, and closes its door and sell itself for parts?
While solar cars are cool, the most efficient way to power an electric car with solar energy is to have solar panels on your home. If you are in the US, the next few weeks are likely the last opportunity to secure a solar installation and take advantage of the federal tax credit, which is set to expire.
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Tesla drivers, if you’ve been looking for a way to protect your OEM wheels, turn heads, and bonus – squeeze out more range! – the all-new HALODISC 2 Custom Numbers wheel covers from Haloblk (pronounced “halo-black”) check every box.
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Tesla has partnered with its recent foe, Disney, to promote its latest movie, Tron: Ares, with an in-car update that is not making everyone happy.
Many owners view it as Tesla making in-car advertisements and/or working on something that distracts them from needed software updates.
Today, Tesla announced and began pushing an update to its car owners, which essentially amounts to an advertisement for Disney’s new movie, Tron: Ares.
The update enables owners to turn their in-car visualization into a Tron bike.
The update is surprising on several levels, as it essentially serves as an advertisement for a Disney movie.
Elon Musk, Tesla’s CEO, is notoriously not a fan of Disney and has even removed Disney+ from the Tesla Theater.
However, more importantly, Tesla is pushing advertisements to its vehicle owners inside their cars, and people are not happy.
Examining the first few dozen comments below the announcement, the reaction is mainly negative.
Tesla owner Matt Chinander wrote:
I’m sorry but this is an absolutely worthless update. Also, when did Tesla start partnering with woke companies like Disney? Didn’t Elon just go a rampage LAST WEEK against woke?
Tesla owners are also upset that the automaker spent time and resources developing this software update rather than working on more significant updates, such as delivering on its long-promised full self-driving capabilities, especially on older HW3 cars, which have been left untouched for more than a year.
Electrek’s Take
Yes, this is not a good look. This is definitely a promotional effort for the movie. The question is: Is Tesla getting paid for this?
Is it really pushing advertising inside its vehicles?
Even if it is a cross-promotional effort, it doesn’t look great, and it’s a clear step toward automakers pushing ads inside connected vehicles.
I am not a fan all around. The idea of Tesla pushing ads in-car is not ideal, and this partnership itself is a questionable move.
I loved the original Tron movie. Legacy wasn’t great, but the soundtrack was outstanding. That said, I don’t have high hopes for this new one based on the trailer, which looked cheesy. It currently holds a 55% rating on Rotten Tomatoes.
The most disappointing aspect is that Tesla would spend any effort on this rather than on much-needed updates to its user interface and other software features within its vehicles.
Prediction: within the next year, Tesla will start doing this more often and offer an “ad-free experience” with its “premium connectivity subscription.”
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Ford is no longer planning to offer a program that would extend the $7,500 EV tax credit for at least another few months. The company said it will continue offering competitive lease payments.
Ford ends $7,500 EV tax credit program for leases
Just a day after GM suddenly ended plans for a program to extend the $7,500 EV tax credit for leases, Ford announced it will also end the offer.
“Ford will not claim the EV tax credit,” a company spokesperson confirmed with Reuters on Thursday. However, don’t expect all the savings to disappear. At least, not yet. The spokesperson added Ford will still offer the “competitive lease payments we have in the market today.”
The move comes after crosstown rival GM announced a similar decision on Wednesday. Last week, Reuters reported that Ford and GM were planning to launch programs to extend the $7,500 tax credit for EV leases.
The program involved purchasing EVs from dealer inventories through their financing divisions, enabling them to become eligible for the credit.
Ford and GM would then use the funds to continue offering the $7,500 credit for those leasing an EV. The programs were expected to run at least a few months after the September 30 deadline.
The company spokesperson said Ford Credit is still offering 0% APR financing for 72 months, along with other incentives, for electric vehicle buyers.
A source close to the matter told Reuters that GM scrapped the program after Republican Senator Bernie Moreno called to close a loophole that enabled the credit to be passed on through leasing.
“GM worked on an extended offer for the benefit of our customers and dealers,” a company spokesperson said, adding, “After further consideration, we have decided not to claim the tax credit.” The company will provide about $6,000 of its own cash instead to continue supporting EV leases. GM will also continue to fund the incentive lease terms until the end of October.
Several automakers are promising to keep the savings going with incentives of their own, including Hyundai, BMW, and Stellantis.
Looking to grab the savings while they are still here? You can use our links below to find available models in your area.
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