Solar EV firm Aptera Motors approved for direct listing on Nasdaq
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Aptera Motors, the California-based solar electric vehicle company, will begin trading on the Nasdaq this week under the ticker symbol SEV. The listing marks a major milestone for the startup, which has captured attention for its ambitious goal of building vehicles powered directly by sunlight.
The Carlsbad company will offer its Class B common stock through a direct listing that allows existing shareholders to sell their holdings. Unlike a traditional initial public offering or SPAC transaction, Aptera will not raise new capital through the process. Trading is set to begin on October 16, with a reference price to be announced prior to the debut.
Aptera’s co-chief executive Chris Anthony said the listing represents a crucial step in delivering a solar-powered future. “We believe this move will help accelerate our mission to support the continued development of our first production vehicle for our reservation holders,” he said in a company statement.
Crowdfunding and a grassroots investor base
Founded in 2019, Aptera has developed a highly efficient three-wheeled electric vehicle designed to capture solar energy through panels embedded in its body. The company says the car can generate up to 40 miles of solar-powered range per day and as much as 11,000 miles per year in ideal conditions. Its aerodynamic shape and lightweight composite structure aim to minimize energy use while maximizing efficiency.
Aptera’s rise has been fueled by an unusually large base of small investors. The company raised more than 100 million dollars from over 20,000 supporters in recent crowdfunding rounds, reflecting a passionate community that believes in its vision of solar mobility. That grassroots funding has allowed Aptera to advance development without relying heavily on institutional investors.
A direct listing and the need for capital
However, going public through a direct listing brings challenges. Because Aptera is not issuing new shares, the company will not immediately receive proceeds from the market. That has raised concerns about its ability to finance production. At the end of June, Aptera reported having 13 million dollars in cash, an amount that analysts viewed as insufficient to complete its first vehicle line.
In a bid to strengthen its financial position, Aptera announced that it had secured access to 75 million dollars in equity financing from New Circle Capital. The deal gives the company the flexibility to sell shares to the investment firm over time, providing a potential runway to bring its “Launch Edition” vehicles to market. Funds will be directed toward tooling, production readiness, and scaling operations.
Analysts see the new financing as a necessary bridge for Aptera to move from prototype to production. Yet the success of the direct listing will depend on investor confidence and on whether existing shareholders hold their stakes rather than sell them early. According to public filings, more than 60 percent of the company’s shares remain in the hands of its founders and early backers, which could help stabilize the stock in its first trading days.
An uncertain road for solar mobility
Aptera’s entry to the Nasdaq comes at a time of volatility across the electric vehicle sector. Startups have faced higher production costs, shifting consumer demand, and growing skepticism from investors. Earlier attempts at solar-powered cars by firms such as Lightyear and Sono Motors ended in financial strain. Aptera’s approach to efficiency and its tight control over manufacturing may give it a better chance, but success will depend on execution and continued capital discipline.
If Aptera can deliver its promised vehicles in 2026 and demonstrate viable demand, it could set a new precedent for alternative energy mobility. For now, its Nasdaq debut represents both a financial test and a symbolic moment for the idea that sunlight, rather than gasoline or grid electricity, can power the future of transport.