Aptera 2e

Aptera, the California startup known for developing the space age, three-wheeled electric 2e, has closed its doors after failing to raise the necessary funds to put its ultra-efficient electric vehicle into production.

Aptera says it needs more money in order to set up a manufacturing process capable of producing at volume—which makes all the difference in the world when it comes to getting prices down to a point that could make a vehicle competitive. The new funding could come from a large, surprise investment from a private source, but most likely the startup will have to rely on the federal government to approve a $180 million loan request.

After a contentious "boardroom showdown" saw him ousted from the company he helped start, Aptera co-founder Chris Anthony seems to have found some success in his latest enterprise, Epic Boats, which manufactures electric drive recreational vehicles out of a facility in Vivian, La.