Electric Car Start-Up Shuts Down

Aptera, the California startup that has been working to develop a futuristic three-wheeled car, has closed its doors after failing to raise enough capital to put the cars on the road.

The company's first product was supposed to be a three-wheeled two-seater named the Aptera 2 Series, which supposedly was capable of achieving a fuel efficiency equivalent to 300 miles per gallon.

The car would have had to be plugged in every 120 miles. The Nissan Leaf, the only mass-produced electric car that's currently available, claims it can sometimes achieve 100 miles on a charge but many owners say they have never come close to meeting that goal.

Aptera had received a conditional offer for a $150 million loan from the U.S. Department of Energy, but failed to secure the $80 million in private investment that was needed to close that financing.

"There is a hesitancy now for investors to put large capital into almost any investment, but the automotive investment -- it's pretty difficult to find those investors," Aptera CEO Paul Wilbur said on Friday, Reuters reported.  

Aptera is in talks with several prospective buyers on selling some of its technologies, Wilbur said.

The name Aptera is Greek for “wingless,” a nod to their light-aircraft-inspired design and construction techniques.