Aptera (SEV) now says it needs $25M to start production, stock drops 15%

Aptera, the startup building a three-wheeled solar electric car, now says it only needs about $25 million to start production, down from the $40 to $45 million it quoted seven weeks earlier. The company's full plan to reach high-volume output of 20,000 vehicles a year has also shrunk, from $180-205 million to roughly $115 million total. Despite the lower price tag, investors weren't reassured: the stock dropped about 15% on the news, leaving the company worth around $69 million.

This isn't the first time Aptera has moved its targets. In late 2024 it was seeking $60 million and promising deliveries in 2025. By January 2026, after raising $9 million, it was still promising deliveries this year. Now first deliveries are pushed to early 2027, "subject to financing." The company had just over $10 million in the bank at the end of June and burns $2 to $2.2 million a month, with a formal warning in its financial filings about its ability to keep operating.

The product itself remains notable: independent testing found the car's built-in solar panels can generate enough power for about 40 miles of daily driving without plugging in, and Aptera has about 49,300 reservations. But for homeowners who might have reserved one or are considering it as a future solar-powered vehicle, the bigger question is whether the company can actually raise the money to build it.