Carlsbad, California – Aptera Motors, a California-based company that planned to build a three-wheeled electric vehicle, is shutting down due to lack of financing.

The company had qualified for a US$150 million Advanced Technology Vehicle Manufacturing loan from the Department of Energy but only if it could raise funding to match the amount.

The funding was intended to develop and commercialize a five-passenger midsize electric sedan, similar to a Toyota Camry, which would be priced less than $30,000 and deliver an equivalent of 190 miles per gallon. “The concept of this vehicle had been in place since the very beginning of Aptera, and we had been wholly focused on its development for the last year,” said president and CEO Paul Wilbur in a statement. “The last remaining hurdle was finding new funds to match the DOE loan.”

The company planned to build the car in an idled General Motors plant in Moraine, Ohio and was in discussion with the UAW to hire 1,400 employees.

Aptera had previously unveiled the pre-production version of the three-wheeled Aptera 2e, along with 23 of its suppliers, including GE, A123 Systems, Remy International and BorgWarner.

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