San Diego News Network - April 14, 2010 -
Aptera secures financing, introduces new 2e electric car
Posted By joseph.pena
Aptera Motors [1] introduced its newest model of the 2e electric vehicle [2] Wednesday, well behind schedule.
[3]
Aptera introduced its newest model of the 2e electric vehicle Wednesday. (Photo by Steven Bartholow)
Maimed by financial hurdles, Aptera laid relatively low after it blew past its projected 2009 launch. The Carlsbad-based vehicle manufacturer worked on securing financing and producing a fully-engineered, design-intent vehicle to show off, Aptera president and CEO Paul Wilbur said during a media luncheon at the McClellan-Palomar Airport Premier Jet Terminal Wednesday.
“No one ever said building a vehicle was easy,” Wilbur said. “ … There have been some unavoidable product and financial hiccups along the way.”
Wilbur said the economic downturn made it difficult for the automotive startup to secure capital, but a reported six investors plugged $9.8 million [4] into the automaker to help Aptera turn “a very important corner … [on the] road to financial stability.”
According to a release, private funding from the New Jersey based-NRG Energy group has helped propel production, and the company is waiting to hear on its application for a five-year, $184 million loan through the government-funded Advanced Technology Vehicles Manufacturing Loan Program [5], co-sponsored by Rep. Brian Bilbray.
Wilbur said Aptera faces one more financing hurdle, and once it’s passed, it will take 11 months for the car maker to start a “full-volume launch” next year. He said the full launch will produce approximately 88 cars per day. The 2e will sell for $25,000-$40,000, and will compete with the more traditional-looking electric car, the Nissan Leaf.
In the meantime, Aptera is planning a move and shipping the 2e to Michigan, to compete in the Progressive Insurance Automotive X Prize [6] for a $2.5 million chunk of winnings.
Aptera is planning to move its operations to a 200,000-square foot facility in Oceanside, and Wilbur said 500 new, full-time jobs will be created there. Wilbur said plans for a second facility could create another 2,500 jobs.
Before Aptera vice president and chief engineer Tom Reichenbach drove the 2e out for display, Wilbur touted it as an “electric, aerodynamic wonder” and a “technical marvel,” and said it has the potential to be the most “energy-efficient vehicle in the world.”
The car maker claims the 1,800-pound, all-electric 2e — which runs on a Remy HGH250 electric motor, and phosphate-based lithium-ion batteries from A123 Systems – operates at the equivalent of 200 mpg. Its top speed is 90 mph, and Aptera officials say it goes 0-60 in nine seconds. Its range is 100 miles, combined city-highway. The Nissan Leaf, which will start at $25,280 with a $7,500 federal tax credit, will also go 100 miles on a single charge.
The crowd applauded when Reichenbach drove the sleek, three-wheeled, two-seat 2e it out from behind curtains, beeping the horn. He popped out of the driver-side vertical, and made a show of pulling bags and suitcases from the car’s hatchback storage.
Combating rumors [7] Aptera plans to manufacture the 2e in China and import to the U.S., Reichenbach highlighted Aptera’s strategic suppliers, saying 90 percent of the material cost of the 2e will come from U.S.-based suppliers, and the vehicle will be made in the U.S.
After the media conference, the 2e was shipped to Michigan for the X Prize contest, a competition with a $10 million prize purse. The 2e qualifies for $2.5 million of the prize purse for side-by-side alternative vehicles. The X Prize contest recognizes viable, safe, affordable and super fuel-efficient vehicles that it believes people will want to buy.
The 2e is in the fourth stage of competition and is headed to Michigan for more judging. It will be put on a track to test the car company’s efficiency claims. The knock-out stage in June will determine which teams of fuel-efficient automakers qualify to the final round to win prizes in September.
Eric Cahill, the senior director of the Progressive Insurance Automotive X Prize was on hand for the 2e’s reveal. Cahill expects 15 to 20 vehicles to qualify for finals.
Cahill said the vehicles in the competition will transmit key performance data to the Web to allow teams to see how they stack up. There will also be a leader board, and virtual tours of the vehicles on the X Prize Web site [8].
Cahill said of the 38 vehicles and 29 teams competing, the 2e is “probably one of the furthest along from a development standpoint.”
In terms of design, Cahill said he’s seen “similar” three-wheeled outriggers, but the design of the 2e is “unique, no question.”
From a neutral standpoint, Cahill said, “Standing here having a look at this vehicle [the 2e], at least from the outside, in my opinion, it’s as close to production-intent as I’ve seen yet.”
URLs in this post:
[1] Aptera Motors: https://www.aptera.com/
[2] 2e electric vehicle: https://www.aptera.com/look.php
[3] Image: http://www.sdnn.com/sandiego/2010-04-14/business-real-estate/aptera-secures-financing-introduces-new-2e-electric-car/attachment/aptera-feat-new-model
[4] six investors plugged $9.8 million: http://www.socaltech.com/aptera_raises_9_8m/s-0027787.html
[5] Advanced Technology Vehicles Manufacturing Loan Program: http://www.atvmloan.energy.gov/
[6] Progressive Insurance Automotive X Prize: http://xprize.aptera.com/index.html
[7] Combating rumors: http://green.autoblog.com/2010/03/31/aptera-seeks-production-partner-in-china-could-export-2e-to-u-s/
[8] X Prize Web site: http://www.xprize.org/
-------------
To read this article on the San Diego News Network website, please click here: http://bit.ly/9gUJMz