Aptera pushes SEV deliveries as it seeks additional funding, timelines remain ‘moving target’
While Aptera Motors continues to push forward with its production-intent (PI), solar EV builds ahead of production plans (hopefully) next year, and its timeline for initial customer deliveries is as cloudy as ever. The SEV startup quietly updated the estimated delivery timelines for all reservation holders, giving us an idea of where it stands in terms of scaled production. However, in speaking with Aptera, a lot of these numbers (for better or worse) depend on vital funding that has yet to be secured – a common theme in the startup world.
Aptera Motors is the last of the living solar EV startups and one we’ve followed closely for several years because its unique approach to sustainable mobility has the potential to one day reimagine and elevate the entire automotive industry.
To get there is no small feat, and Aptera Motors is already on its second life in reaching the holy grail of scaled solar EV production. Through our coverage and consistent, transparent updates from Aptera Motors directly, we’ve learned just how much progress the startup has made in the last few years and, conversely, just how much further it will need to go to prove viable.
As it is with any startup, the biggest hindrance to quick development has been funding. For a long while, Aptera leaned on its loyal base of fans and reservation holders, who invested their own money for a chance at one of the first 2,000 Launch Edition solar EV deliveries. The company ended up raising an inspiring $135 million from over 17,000 investors – the most successful crowdfunded raise in history.
While that funding has helped keep Aptera going, entering pre-production body in carbon (BinC) builds ahead of production-intent testing, it will still need more money to get Launch Edition deliveries to those loyal investors and beyond. To help this need, Aptera Motors announced a partnership with US Capital Global this past July, which is helping raise an additional $60 million in capital.
However, three months in, that desired total has not been achieved. Furthermore, that round of funding is a mere stepping stone to low-volume production, and more funding will be required to scale (see graphic below). With so many unknowns surrounding future funding, Aptera has amended its estimated deliveries while it sorts out its financial future.
Aptera deliveries are limited in 2025, 2026 numbers TBD
We first caught wind of the revised timelines for SEV deliveries from the Aptera Owners’ Club Discord page. Many users who are investors in the Aptera Accelerator Program were reporting the timelines listed on their accounts have changed from the first half of 2025 to 2026.
I myself am a reservation holder but not an Accelerator, and my reservation changed from 2026 to “TBA.” However, a lucky few who invested big bucks during the crowdfunding campaign are still secured for deliveries before the end of 2025. However, following the threads on Discord and comparing those numbers to previous Aptera statements and estimates in its US Capital Global investor deck, the delivery numbers get quite jumbled.
Chris McCammon, Aptera’s Head of Content, was present on the Discord page and estimated Aptera is targeting 60 Launch Edition builds that will see deliveries to customers in 2025. That means only the top 60 Accelerators will receive their Launch Edition SEV next year. The other 1,940 Accelerators will have to wait until 2026 at the earliest.
We reached out to Aptera directly for more insight, and its team was able to confirm that 60 customer builds are the target for 2025 but that low-volume production, as well as the scaled production to follow, will rely heavily on the $60 million US Capital raise as well as further funding rounds thereafter. Per a representative for Aptera:
At this point, our primary focus is securing the necessary financing to ensure we remain on track with our production schedule. As previously mentioned, we are actively pursuing $60 million in funding, which we aim to complete in multiple transactions over the next 3-6 months. This funding is critical for advancing to low-volume production, and once secured, we expect to enter production within 9-12 months.
Chris (McCammon’s) estimate of 60 Launch Edition Accelerator deliveries in 2025 aligns with our goal for the initial low-volume production. However, the total number for the year is dependent on securing the $60 million in funding and therefore, will be a moving target.
While some reservation holders may be disheartened by the news of having to wait longer for Aptera deliveries, the latest update to reservation pages shouldn’t really come as a surprise based on what we already knew following the US Capital Global announcement. Even back in July, we warned reservation holders that 2026 would likely be the earliest they would see any substantial SEV deliveries, and that was when Aptera was predicting to build 371 units in 2025. That number is probably closer to 100 now.
There should be no cause for alarm based on the revised delivery timelines. Aptera is continuing to make progress through production intent builds and could still scale fairly quickly in 2026 and beyond. What is worrisome is that low-volume production and those scaled SEV builds in 2026 and beyond will rely on a hefty influx of funding. We asked Aptera about that progress and about its long-teased IPO. Per a representative for the company:
Looking ahead, we aim to ramp up production through 2026, though the scale of this ramp-up will largely depend on when we secure the current $60 million target. Our ultimate goal of producing 20,000 vehicles annually will require approximately $195 million in additional capital, which we plan to raise through a combination of financing strategies, including equity, debt, and potentially an IPO, as you mentioned.
Aptera Motors fights on, and we’re rooting for them, but the biggest beast to overcome in its startup saga has always been and continues to be its need for substantial funding. Completing the $60 million investment round that is currently ongoing will be a major milestone, but the approximate $195 million required after that to deliver more than 60-ish targeted SEV deliveries shows just how much of an uphill battle Aptera continues to face in scaling its technology.
Hopefully, it can harness all that sun’s power and reach the promised land for the sake of the environment and cool-ass EVs. As always, you can reserve an Aptera for only $70; you just may be waiting a while for a delivery.
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Environment
Lucid chief says despite slower-than-expected EV market, it’s still outpacing luxury rivals
Despite admitting “the market is tough,” Lucid Motor’s (LCID) CEO Peter Rawlinson said the luxury EV maker is outpacing its rivals.
With nearly 2,800 vehicles delivered in Q3, Lucid broke its quarterly record for the third consecutive time this year.
Although deliveries are picking up, production at its Casa Grande, Arizona plant is slipping. Lucid built 1,805 EVs over the last three months, down from 2,110 in Q2.
Two years ago, Lucid expected to build 90,000 vehicles in 2024. Now, its production target is 9,000 for the year, meaning Lucid will need to make another 3,359 vehicles in the fourth quarter to hit its goal.
“The market is tough,” Rawlinson told Semafor’s Liz Hoffman. However, he added, “the actual sales numbers of EVs are increasing.”
Rawlinson explained, “It’s just that the rate of increase was not what we anticipated. It’s like saying there’s inflation, but the rate of inflation is less.”
Lucid is still outpacing many luxury rivals
Despite the lower outlook, Lucid is still outpacing many of its luxury rivals. Rawlinson said buyers have been “ill-served by underwhelming offerings from traditional automakers that haven’t gone all-in on electric.”
Lucid’s CEO says those companies have “not been able to because they’ve not got the technology, and they’ve not got the long-term commitment.”
Rawlinson boasted, “We’re outselling the Mercedes EQS. We’re outselling the Porsche Taycan. We’re outselling the [Audi] eTron. We’re out selling BMW Ice.” In some markets, Lucid’s Air is even outselling the Tesla Model S.
According to Cox Automotive, Lucid sold 5,766 Air models in the US through September, up 35% from last year. That’s more than the Audi e-tron (2,066) and Porsche Taycan (4,072).
Lucid plans to begin building its first electric SUV, the Gravity, later this year that’s expected to greatly expand its market. According to Lucid, the Gravity will start at under $80,000 with over 440 miles range.
Ahead of its debut, Lucid announced plans to sell 262.4 million shares of common stock through a new public offering.
Last month, Lucid teased its new midsize electric SUV. It will be the first of Lucid’s lower-priced midsize models, starting at under $50,000.
Electrek’s Take
Despite some media headlines claiming “electric vehicle sales are stumbling,” many companies just set new sales records in the third quarter.
In the US, a record 346,309 EVs were sold in the third quarter, up 11% from Q3 2023. Electric vehicle share of total sales reached its highest level at 8.9%, up from 7.8% in Q3 2023.
Perhaps Lucid’s CEO has a point. People have been “ill-served” by automakers that have failed to keep up with the shift to a digital, electric era. Buyers want the newest, most advanced tech, features, and connectivity. And electric vehicles offer that.
In Rawlinson’s words, “If you like driving fast cars, it’s a must. If you like lots of legroom and comfort, it’s a must. If you like a nice, quiet and comfortable ride, it’s a must. And if you want to save the planet, it’s a must.”
According to Rawlinson, manufacturing is not the problem. “Our problem is market demand, and that is very much a function of brand awareness.”
The company’s leader said those not interested in cars “won’t bother to find out that Lucid exists.” Instead, they’ll “just go to your Mercedes dealer every three years because you can’t beat the three-pointed star as a brand.” That’s where Lucid looks to make the difference as it enters its next growth stage.
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Hyundai’s cheapest EV is now even more affordable in Korea. The Casper Electric gained a new Premium trim starting at $20,000 (27.4 million won). With subsidies, Hyundai expects the new model will be available for as little as $7,300 (10 million won).
After opening pre-orders for the new compact electric SUV in July, starting at just $23,000 (31.5 million won), Hyundai’s Casper Electric is already a hit in its home market.
According to Yonhap News, the Casper Electric secured 8,000 orders in its first two weeks. In its first full sales month, the mini electric SUV was Hyundai’s top-selling EV in Korea.
The Casper Electric accounted for 1,439 of Hyundai’s total 3,676 EVs sold in August. The IONIQ 5 (1,222), IONIQ 6 (405), and Kona Electric trailed behind for the company’s best EV sales month so far in 2024.
In September, the Casper Electric became the best-selling EV in Korea, with 2,075 models sold. Hyundai said the electric SUV is attracting buyers thanks to its “ample driving range” and low price.
Hyundai’s all-electric Casper is bigger than the gas-powered model and is cheaper to drive with government incentives.
Although previously, it could be purchased for as little as $14,500 (20 million won) with government subsidies, Hyundai’s Casper electric is now even more affordable with a new Premium trim.
Hyundai’s Casper Electric gains new lower-priced trim
After releasing the new gas-powered Casper in Korea on Thursday, Hyundai introduced a new Premium trim for the electric model.
The Casper Electric Premium is Hyundai’s new base model, starting at just $20,000 (27.4 million won) after tax benefits. With government and local subsidies, Hyundai expects the new model will be available for as little as $7,300 (10 million won).
Powered by a 42 kWh NCM battery from its joint venture with LG Energy Solution, the new base model is rated with up to 173 miles (278 km) driving range in Korea.
A Hyundai Motor official said the new Casper Electric will be the “optimal choice” for buyers. With other trims, the electric SUV is rated with up to 196 miles (315 km) driving range.
In Europe, the Casper Electric is known as Inster EV. It’s rated with up to 221 miles (355 km) WLTP driving range and starts at under $27,000 (25,000 euros).
Earlier this week, Hyundai launched the new Inster EV Cross, a rugged twist on the electric city car. Hyundai said the bold new model is built for all your “mini-adventures” and has up to 223 miles (360 km) of driving range.
Is it coming to the US?
Although the Casper Electric (Inster) is not expected to arrive in the US, Hyundai’s massive new Metaplant America in Georgia is now up and running. The first vehicle to roll off the assembly line was the updated 2025 IONIQ 5, featuring more range and an NACS charging port to unlock Tesla’s Supercharger network.
Later this year, Hyundai will introduce its first electric three-row SUV, the IONIQ 9, which will be built alongside the new IONIQ 5 in GA.
Although EVs built at the facility will initially qualify for a partial $3,750 tax credit, Hyundai expects once the battery portion opens, it will unlock the full $7,500 credit for buyers.
Until then, Hyundai is still passing the $7,500 on through leasing. It also offers 0% APR on the 2024 IONIQ 5 for up to 60 months as it preps for the new updated model.
Starting at $41,800, the 2024 IONIQ 5 is still one of the best EV deals in the US. For $45,850, the SE RWD model offers over 300 miles range. (See IONIQ 5 offers in your area).
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