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Transportation

Three-Wheeled Solar Car Maker Aptera is About to Go Public (electrek.co) 54

Posted by EditorDavid from the here-comes-the-sun dept.
Last November Aptera successfully tested its first production-intent three-wheel solar-powered EV — and said it already had over 50,000 reservations. The vehicles had a solar charge range of 40 miles per day, reported Digital Trends, noting the crowdfunded company's cars also had an NCAS charging port. ("Solar-powered electric vehicles are also being developed by the likes of Germany's Sono Motors and the Netherlands' Lightyear, and by big automakers such as Hyundai and Mercedes-Benz.")

But this week the EV site Electrek pointed out that "There have been a handful of 'solar car' projects and they all have failed so far." 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... The company needs to be infused with capital soon, and this direct listing is not it.
The top-rated comment on the site suggests "Open market trading will establish a fair price for exchanges among the holders. I don't think this necessarily indicates they are trying to wind down the company."

And the article does also acknowledge the possibility of "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..."

"Aptera has now confirmed that it has received NASDAQ approval and the stock will start trading on October 16."
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Three-Wheeled Solar Car Maker Aptera is About to Go Public More

Three-Wheeled Solar Car Maker Aptera is About to Go Public

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  • Aptera? Again? (Score:3)

    by russotto ( 537200 ) on Sunday October 12, 2025 @11:42AM (#65719954) Journal
    These clowns have been around for over 20 years, always promising and never delivering.
    • They're in a three-way race with the Tesla Roadster 2.0 and the Moller Skycar for most money extraction and hype for least progress vaporware.

      • Re: (Score:2)

        by Kokuyo ( 549451 )

        Tesla Truck?

        • That actually exists. I've seen a few on I-20.

      • Re: (Score:2)

        by Jeremi ( 14640 )

        OTOH there are actual Apteras on the roadways... only about three of them, but they do exist, at least in prototype form.

    • They make fusion reactors??

    • ^^^This^^^

      This is the 3rd (fourth?) incarnation of this company in 20 years. Nobody is going to buy these things and investors will watch as the stock plummets after the hyped up IPO. Best to watch this train wreck from the sidelines.

      But prospective owners can run out and get a motorcycle license in advance just in case any of these make it into production and they want to own a collectible curiosity.

      Best,

      • I'd buy one if they ever get around to making them. I've been wanting to buy one for 15 years.

  • A little ahead of its time but perfect after "The Fall" - especially in the Outback.

  • Bad news. (Score:5, Interesting)

    by Gravis Zero ( 934156 ) on Sunday October 12, 2025 @11:49AM (#65719968)

    Soon after a company has an IPO, an algorithmic change begins in the company which invariably results in a total loss of ethics. Google used to be an cool company and then they had their IPO. It was large and had plenty of people to work upon/trade out so it took a while but like those that came before it, Google lost all concern for ethics.

    All concerns about environmental impact are 100% going out the door and since it's a small company, it shouldn't take long at all. I wouldn't even be surprised if it completely self-destructs by new leadership going with an "AI-driven approach" that terminates vital workers.

    • Re: (Score:2)

      by dfghjk ( 711126 )

      Yes, and you assume Aptera was driven by environmental impact at all. It was not. Aptera originated as an aerodynamic idea among college students. They originally wanted to sell very cheap ICE cars, mileage was a way to low operating costs. For Aptera, it is the shape of the car that is the beginning and end of the thinking at that company. Environmental impact is just a marketing strategy, and the evil has already set in. Pervasive dishonesty is already clear, starting with the claim that it is a sola

      • Environmental impact is just a marketing strategy, and the evil has already set in.

        So, when did you become psychic?

  • So... (Score:3)

    by Luthair ( 847766 ) on Sunday October 12, 2025 @11:58AM (#65719990)
    Its still never produced anything, an IPO seems a more than a bit premature if there is no business.

  • usual Aptera misinformation (Score:3)

    by dfghjk ( 711126 ) on Sunday October 12, 2025 @12:02PM (#65720000)

    The Aptera is NOT a solar powered car (by their own private admissions), the Aptera was conceived as an ICE car, transitioned after a long trail of tears and bankruptcy to a BEV, then had solar panels bolted on very recently. Aptera is a very traditional BEV that can benefit from solar, just like all other BEVs can. The difference is that the panels are on the car, the worst possible solution.

    And those solar panels, if you buy the optional maximum number, provide UP TO 40 miles a day, typical will be less and far less with the standard configuration.

    Even worse, the Aptera is a 2 seat car with extremely low function and gets by through avoidance of safety regulations that apply to typical cars. Even with its radical design and low drag profile, it achieves only 6 miles/kWh, not a lot greater than a Model 3 which has far greater function (and likely safety).

    The Aptera is a technically interesting project but a commercial dud, it sucks as a car and is barely differentiated as green transportation.

    • Don't worry, it's powered by Solar Freakin' Roadways, good intentions, and unicorn farts.

    • Re: (Score:3)

      by DrXym ( 126579 )
      While I'm highly skeptical of Aptera, the concept of putting solar on EVs is still a missed opportunity. Even if a car *only* got 20 miles from solar a day that's still more than many people commute meaning they never have to charge. Or even if they drove 30 and recouped 20 miles it still triples the time between charges. There are plenty of places around the world where the concept could work fantastically well. Aptera's problems seem less to do with the concept and more to do with their fundamental inabil

      • Re: (Score:2)

        by dfghjk ( 711126 )

        "Even if a car *only* got 20 miles from solar a day that's still more than many people commute meaning they never have to charge."
        That's true whether the panels are on the car or on the home. Putting panels on the car only allows the battery to be reduced but Aptera hasn't done that since a car needs more than 20 miles of daily range. Panels on the home provides a superset of what Aptera provides.

        Also, it should be understood that the Aptera consumes power at 10x the rate than the panels produce it. It i

        • That's true whether the panels are on the car or on the home. Putting panels on the car only allows the battery to be reduced but Aptera hasn't done that since a car needs more than 20 miles of daily range. Panels on the home provides a superset of what Aptera provides.

          The only subset of people that would benefit from solar panels on the car are those who live in apartments that don't own a home to put solar panels on.

          • Re:usual Aptera misinformation (Score:5, Insightful)

            by DrXym ( 126579 ) on Sunday October 12, 2025 @02:18PM (#65720214)
            Solar benefits everyone. Lots of people drive their car from home to work, leave it parked outside all day and then drive home. They're not hooked up to a charger but the car would still be replenishing itself while it is parked. People in apartments could of course benefit from a vehicle that lasts a lot longer (potentially forever) between charges, but the benefits are still the same for everyone else.

          • Another subset is those taking the car to natural places or long trips and suffer from sort of range anxiety related to the possibility of getting stuck there.

            You can go to your cabin by the lake, spend your vacation doing your thing e.g. fishing, the car gets a bit of charge every day, so you can move around and reach back civilization without risk of exhausting the charge.

            It might not be the most common use case, but it's a possible marketing argument.

        • Re: (Score:2)

          by DrXym ( 126579 )
          I said nothing of the battery, I was talking of the solar panels. The average daily commute in Europe is 17 miles, in the US its 40 miles - kind of shameful for the US but anyway... If solar covers the commute then the car never needs charging ever. If it covers *most* of the commute it still slashes the time between charges. But if you want to talk battery, then the implication is less charges means the car could offer a variant with a smaller battery and therefore be cheaper. There was a car called the So

      • While I'm highly skeptical of Aptera, the concept of putting solar on EVs is still a missed opportunity. Even if a car *only* got 20 miles from solar a day that's still more than many people commute meaning they never have to charge. Or even if they drove 30 and recouped 20 miles it still triples the time between charges. There are plenty of places around the world where the concept could work fantastically well. Aptera's problems seem less to do with the concept and more to do with their fundamental inability to build a frigging car.

        Solar PV panels aren't a novel technology any more. BEVs and HEVs have been around long enough that there's people doing their own DIY modifications on those that have gone beyond their warranty period, and then some, to the point they are not terribly concerned if they screw up and set the car on fire. These people can get a beaten up and wore out EV on the cheap, do some experimentation on the batteries or whatever, then show the results for a science project and/or a bit of advert revenue on YouTube.

        • The market for solar PV cells on EVs is small because the benefits are small

          No the benefits are small because typical cars are too heavy and powerful for the available PV area to make a significant charge. For an Aptera or a microcar, the benefits are big. The microcar market is small by itself, that's why PV cells on an EV is a small market.

          * Toyota FT-Me: microcar with solar panels (March 2025) https://electrek.co/2025/03/12... [electrek.co]
          * Squad Solar City Car, 5000 € on pre-order https://www.squadmobility.com/... [squadmobility.com]

          • Re: (Score:2)

            by DrXym ( 126579 )
            The most promising concept was the Sono Sion which was going to be a no frills boxy car covered in panels. The panels might gain ~20 miles per day under good conditions but that's sufficient for many commutes, school runs and so on. Of course it could also be charged the normal way too. It nearly made it production but funding ran out. I've been to lots of places where there is so much strong sunlight that a car that charges while parked should be a no-brainer.

      • While I'm highly skeptical of Aptera, the concept of putting solar on EVs is still a missed opportunity. Even if a car *only* got 20 miles from solar a day that's still more than many people commute meaning they never have to charge. Or even if they drove 30 and recouped 20 miles it still triples the time between charges. There are plenty of places around the world where the concept could work fantastically well. Aptera's problems seem less to do with the concept and more to do with their fundamental inability to build a frigging car.

        If I had an EV I would love to be able to run the airconditioning when the car is parked in the sun, so it's not blisteringly hot when I get back in. It seems like a few solar panels across the roof, trunk and hood could run the AC on sunny days and completely offset the range penalty of doing so.

      • Re: (Score:2)

        by necro81 ( 917438 )

        the concept of putting solar on EVs is still a missed opportunity.

        It seems to me that solar awnings over carparks are a better use case.

    • Even with its radical design and low drag profile, it achieves only 6 miles/kWh, not a lot greater than a Model 3 which has far greater function (and likely safety).

      What does the Tesla Model 3 get in miles/kWh? It would have been helpful to include that number for comparison so we could make up our own mind on the pros/cons on the two designs.

      The Aptera is a technically interesting project but a commercial dud, it sucks as a car and is barely differentiated as green transportation.

      This is clearly a vehicle with a limited market. This is for "true believers", the kind of people that spend more on their bicycle than their car. Or at least did until they got a bit older, developed a bit of arthritis, and couldn't keep biking for local travel. This is for those looking to upgrade from their bicycle, electri

      • Re: (Score:2)

        by necro81 ( 917438 )

        What does the Tesla Model 3 get in miles/kWh? It would have been helpful to include that number for comparison so we could make up our own mind on the pros/cons on the two designs.

        I don't disagree that good journalism would have included that figure for comparison. On the other hand, in less time than it took you to write that, you could have found out from the internet [google.com]: 3.0-4.5 mi/kWh, depending on driving style, weather, heat/AC usage, etc.

    • Meh... I have a reservation and will take delivery when available. I have a Model Y as well, which would be preferred for Costco runs or heading into town. The extra efficiency saves about 5-7kWh/day, a little more if it sits outside. Not perfect, but it should be fun.

  • IPOS are when you sell shares to the public. Often this results in a quick price boost above the IPO price that drops down below that price fairly soon. End result - speculators tend to make quick money but long term investors can get screwed.

    SPAC are similar - they tend to be done when the company is not as in good shape as it mostly just avoids certain regulatory hurdles. Avoiding regulatory hurdles is something bad companies want, not good companies.

    The Direct offering is different. Basically, instea

    • Re: (Score:3)

      by hawk ( 1151 )

      As an economist, I cringe at the typical IPO and related culture and expectations.

      A huge runup in price on your IPO does *NOT* mean you've done well, or were a good choice.

      It means that you *SCREWED UP*! You sold pieces of your company for less than people were willing to pay!

      I would much prefer to see the new equity issued in a treasury style auction (price set at the highest price that sells them all, with everyone bidding that price or above receiving stock), a transparent direct sale into the market on

  • While I think the concept is amazing, what is not amazing is the way every time Aptera comes up in the media its usually because the begging bowl is out and not because they're actually in production. And it sounds like this public listing is an exit strategy for share holders to leave somebody else holding the bag.

  • Know what's better than a 3-wheeled car? (Score:5, Insightful)

    by hdyoung ( 5182939 ) on Sunday October 12, 2025 @12:13PM (#65720028)
    A 4 wheeled one.

    • Re:Know what's better than a 3-wheeled car? (Score:4, Insightful)

      by dfghjk ( 711126 ) on Sunday October 12, 2025 @12:42PM (#65720062)

      Meh, the least of Aptera's problems. The Aptera is an expensive, low function, unsafe unrepairable two seat car that is at best 20% more efficient than a Model 3. The 3 wheels lets it skirt safety regulations, probably it's best "feature".

      • The Aptera is an expensive, low function, unsafe unrepairable two seat car that is at best 20% more efficient than a Model 3.

        You might be right about the rest, but the Aptera is far more efficient than a Model 3. The published numbers put it at about 110 Wh/mile, while the Model 3 is at 230 Wh/mile. And, frankly, the Aptera numbers seem a little high for a vehicle with a 0.13 drag coeffiecient and with one less wheel. I think the Aptera design should be able to do better than 100 Wh/mile. Obviously, it's hard to make an accurate comparison between a real-world car and one that is basically vaporware, but something would have t

        • something would have to be seriously screwed up for a design as light and aerodynamic as the Aptera to be barely better than a Model 3.

          People don't appreciate how aerodynamic cars can be at this time, and have been since the late eighties. My 1989 240SX fastback had an 0.21 Cd. Yeah, the Aptera has a lot less frontal area, but it also has a bunch of stupid shapes sticking out that a car doesn't have to have.

    • But we would never have had the funniest Top Gear segment of all time. https://www.youtube.com/watch?... [youtube.com]

    • I don't know if 4 wheels are necessarily better than 3. But then the 3-wheeled "cars" I've seen are often sold as performance vehicles, something of a sport bike for the balance impaired I'd guess. I put "cars" in scare quotes because anything with 3 wheels would not likely meet the definition of a car in any legal way, and not likely even in casual conversation.

      Maybe don't think of this as a car. Think of it more like an electric scooter perhaps. As this has three wheels it would not likely be licensed

    • Re: (Score:2)

      by Megane ( 129182 )

      Fuck everything, we're doing five wheels.

  • Great, so they're making a solar-powered Reliant Robin?
    Obligatory Mr Bean clip compilation : https://www.youtube.com/watch?... [youtube.com]

  • As someone who would like to own an Aptera SEV, I was interested to read they have hired a new SVP of Engineering. Mr. Kaunitz has experience taking innovative concepts to production. I hope his streak continues at Aptera.

    https://aptera.us/svp-of-engin... [aptera.us]

  • They have been promising to have their vehicle ready since 2008....they keep asking for more $$$, more $$$, more $$$, more $$$, it never ends !

  • this week the EV site Electrek pointed out that "There have been a handful of 'solar car' projects and they all have failed so far."

    Same for three wheeled car projects. The only time they ever made sense was for war-ravaged Europe trying to get back on its feet and saving scarce materials and manufacturing time by making simpler 3-wheeled microcars with fewer complex parts. It seems like a good idea at first glance, you reduce rolling resistance, you could potentially reduce wind resistance, you save money on parts. But the driving experience is shit; you can't corner as hard so your ability to avoid obstacles is reduced, the three trac

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