Electric car maker Aptera Motors pulls the plug

"We're at a place with the economy where people are wondering: what is the future of the American dream? Where are the jobs for the next generation coming from? When supposedly you can build it and buy it cheaper overseas, why do people continue to build and innovate here in the U.S.? On multiple levels, we hope Aptera addresses those questions." Marques McCammon, Aptera’s Chief Marketing Officer

Aptera Motors wanted to bring a new electric sedan to market. The plan was to get a $150 million loan from the Department of Energy, and raise matching funs to qualify for the loan.

The company had started in 2006 with a three-wheeled electric car, but shifted gears a year ago with a plan to build a four-door electric sedan that would get the equivalent of 190 miles per gallon of gas.

Sadly, the California company was unable to riase the need money, and has closed its doors, and laid off its employees.

"A lot of people on the West Coast thought they could do the industry better. But the reality that has set in is that these are capital intensive industries, and it's difficult," Aptera CEO Paul Wilbur told The Associated Press on Friday. "It's scared a lot of investors in the space right now. We have a million sympathizers, but when it comes to writing a big check there aren't many of those around."

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