- Aptera 2e has fallen behind the company's projected launch timing.
- The two-passenger tricycle also has financing challenges to overcome.
- California-based Aptera Motors was founded in 2006.
CARLSBAD, California — Aptera Motors wants the world to know that it's still alive — and still seeking additional funds to put its battery-powered, three-wheeled Aptera 2e into production.
The company, which is based north of San Diego, was founded in 2006. It has missed a number of production targets and continues to struggle to find sufficient financing.
At a press conference this week to update consumers and the media on its current status and plans, Aptera CEO Paul Wilbur said the company is still "behind our projected launch timing for the 2e" and that at least "one more financing hurdle remains" before the two-passenger trike can be put into production.
Wilbur also said Aptera is waiting to hear back from the U.S. Department of Energy on its revised application for a five-year, $184 million loan through the Advanced Technology Vehicles Manufacturing Loan Program.
Aptera recently secured additional funding from NRG Energy, an operator of power-generating plants based in Princeton, New Jersey. But Wilbur indicated the company is seeking more money before it finalizes the latest production schedule for the 2e. If it can find additional financing, "it will take about 11 months to start our full-volume launch," he said.
Aptera has missed several key milestones, as its composite-bodied three-wheeler has continued to evolve since the company was founded in 2006.
In 2006, Aptera claimed that its two-seater would deliver "330 mpg at a steady 65 miles per hour — at a price under $20,000" and that the vehicle would be "ready for production in two years."
Seed money initially was provided by Google and by Idealab, the Pasadena-based business incubator that has been involved in funding and developing startups ranging from eToys to PetSmart.
In January 2009, Aptera said it intended to start full production of the 2e that October. Media reports pegged the new price range at $25,000-$45,000 and said the company has received more than 4,000 orders for the 2e.
Inside Line says: Based on Wilbur's latest projections, it appears the 2e will not begin production until mid-to-late 2011, at the earliest — and that depends on whether the company can find more funding. — Anita Lienert, Correspondent
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