MemberOctober 28, 2021 at 4:34 pm
What I gleaned from this is that they are at least a year away from shipping customer cars.
MemberOctober 28, 2021 at 7:19 pm
Thanks for this Joshua. More and better pictures of Luna than in the release video! One benefit of the interview.
Nothing here we did not suspect at this point. I always appreciate Chris’s candor and the candor of the rest of the team.
I did get the sense, that as I suspected, Beta may morph into the production ready vehicle. No reason not to if engineered and built well. And of course 100% production parts verification. As I said in another post, I think the team will be creative in moving forward on the schedule.
Agree with your prediction of production for reservation holders depending on supply chain issues. Of course that is not anything Aptera has control over. Affects Tesla, GM etc. too.
I do wish this kind of information was provided to reservation holders/forum participants in updates so we don’t have to hear about it first time from an outside publication
MemberOctober 29, 2021 at 7:21 am
Here is another informative video about Aptera’s finances,
My takeaway from this is that the delay is really do to finances rather than supply chain issues. Aptera is operating on a shoestring budget, they only have $4M on hand. To go into production they’ll have to raise significantly more money.
MemberOctober 29, 2021 at 7:39 am
I thought they already had enough to enter production?
MemberOctober 29, 2021 at 8:10 am
We will probably be treated to a November webinar. They may speak of plans for next round of funding during that.
MemberOctober 29, 2021 at 1:45 pm
Joshua – if I’m not mistaken, the 4.8M cash on hand was as of June 30 SEC filing, which was before second round of crowd funding at $8.80/share. Guessing that has significantly fluffed up their cash on hand and therefore unlikely that is reason for delay in progress, IMHO.
MemberOctober 29, 2021 at 3:13 pm
It is before the first round of Regulation A funding where they got an extra $20 million. The number he stated I don’t believe includes anything about what has been raised from the second round. Aptera won’t accusing actually tell me how much they’ve raised this round so far, I asked a couple times a few weeks ago, but they could be over $75 million raised at year end.
I definitely don’t expect another round of funding before the IPO.
MemberOctober 29, 2021 at 5:20 pm
If they’ve raised $75M that would be fantastic news. That’s enough to get them into production.
MemberOctober 29, 2021 at 6:05 pm
Not a takeaway from this video at all.
Also pretty suspect of a self claimed expert finance person giving an authoritative report from his home computer at home. What sources does he have that can provide him credible data on startup capitalization for auto startups or insights to Aptera financial operations???
Sorry, no cred here.
MemberOctober 29, 2021 at 6:01 pm
Funding level is a pretty touchy subject for a start up. A lot of financial vultures following funding numbers for potentially successful, up and coming companies so they can sweep in with a large amount of capital and take control. The founders experienced this before so I am sure they are being very close hold about run rates, where their money is going, and how much is on hand.
One sign of being short of money is wanting to rush into manufacturing to generate incoming revenue, not just incurring outgoing expense. I see no sign of that with Aptera. And Aptera has not openly appealed for more or an increase in investment from private sources.
The supply chain problem is a legitimate reason for delayed production, not only for Aptera but all auto manufactures to include Toyota, Tesla, Ford, VW and other large, established manufacturers. If it is a problem for them (Large enterprises with gigantic buying power and established supply sources) Thinkk how difficult it is for Aptera, a small start up to make inroads in the area of supply logistics.
Supply chain issues affect all product manufacturing at this point as I am sure we all recognize by the price increases we see for everyday products and services., empty or near empty shelves. It is just not chip shortages, although the chip issue gets a lot of press.
This is now personal opinion not experiential observation. I think Aptera has done a superb job of engineering the Beta. I believe it is really optimized for manufacturing, has been obsessively simplified (A good thing for manufacturing, reliability, lowering cost) and can move forward without the traditional extra “Prototypes”. I am sure refining and of course testing still required. Maybe they had this ace in the hole all along. Just conjecture on my part without any real data to back it up at this time.
This is the time to stay the course with Aptera. I sure will
MemberOctober 30, 2021 at 9:55 am
I too appreciate Chris’s honesty about the challenges facing production schedules. I was hoping to drive my Aptera across the country to my daughter’s wedding in July, but probably not. I’m okay with that. I’d rather have a vehicle I can rely on.
MemberOctober 30, 2021 at 10:03 am
My hope is to fly out to CA sometime Spring-Summer 2023, test drive it to make sure I like it and if yes, enjoy driving/camping trip back to NC!