VISTA, Calif. (date) — In September 2008, when fledgling vehicle manufacturer Aptera named Paul Wilbur president and CEO, the 27-year Detroit auto executive set forth a series of financial goals and deadlines. “Aptera’s funding will be tied directly to production and delivery,” said Wilbur.
During the past 12 months, the company’s initial offering – the aerodynamic Aptera 2e, an all-electric, three-wheeled two-seater that gets the equivalent of 200-plus mpg – has evolved from concept to near reality. Companies including Google and IdeaLab have made significant investments in the southern California auto manufacturer, and numerous potential private and public backers are in the process of doing their due diligence. However, according to Wilbur, the vehicle development has been outpacing the rate of fundraising.
“We’re making significant progress every day with product refinements, the completion of engineering and design details, and securing meaningful strategic partnerships,” says Wilbur. “However, we now have to adjust our production schedule to align with financing realities. Properly managing the resources of the company means we’ll complete our first vehicles in 2010, not by the end of 2009 as previously projected.
“Aptera management is being a prudent steward of all resources to ensure a long future for the company and strong returns for its stakeholders, so we’ll begin volume production vehicles once our current series of private funding has closed or when we secure financing through the Department of Energy’s Advanced Technology Vehicle loan program.”
Source: media.pcgcampbell.com
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