Aptera Motors has revised its funding requirements to launch production of its solar electric vehicle, stating it now needs $25 million. This figure is lower than the previous estimate of $40 to 45 million announced seven weeks ago.
The company also reduced its total capital requirement for high-volume production to approximately $115 million, down from the earlier range of $180 to 205 million. Aptera attributes these changes to a partnership with Launch Design and updated supplier quotes.
Following the announcement, Aptera's stock price fell by 15%, resulting in a market capitalization of roughly $69 million. As of the end of June, the company reported $10.1 million in cash, with a monthly burn rate of $2 to 2.2 million.
The startup has secured an EPA Certificate of Conformity and ordered components for its first 40 vehicles. Currently, the company reports approximately 49,300 reservations, with customer deliveries now targeted for 2027.
