With DOE Loan, Aptera Can Begin Production

· · 10 years ago

Aptera delayed production plans because it could not find financing during the 2009 credit crisis, but now says it will start production of the car next year. "We still have a little bit of work before we can say that we're fully funded and ready to start production," Aptera's Chief Executive Paul Wilbur, told Reuters. Wilbur unveiled Aptera's latest design in Carlsbad, Calif. last week.

The company is counting on a $184 million loan from the U.S. Department of Energy to provide working capital for five years. Once funding is secured, Aptera would take about 11 months to start production, Wilbur said.

Executives showed off new features of the Aptera: roll-down windows, a redesigned suspension, and front and back bumpers. The company still needs to meet crash safety standards. The cost of the vehicle ranges from $25,000 and $40,000, depending on which powertrain is selected.

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