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Lightyear EV News
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Lightyear EV News
updated 6 months, 1 week ago
29 Members
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LightYear joins Sono and Aptera with a shortage of capital. So all three solar vehicle companies are looking for capital for development/production. Not unexpected, as forward looking technoloogy is difficult to fund especially in the current environment, and especially for EV startups.
Hope all come up with a solution to keep them in the game/market.
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Here we go again , it’s 2008 all over again.
The future of solar EVs dims: Lightyear is bankrupt, Sion fights for its life, Aptera on the brink
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Pretty sure light year filed for bankruptcy
https://jalopnik.com/solar-car-company-files-bankruptcy-just-weeks-after-ann-1850067819
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Yeah it’s been reported a week or two ago, if you look back in the thread. There are 3 companies, only one of which is bankrupt –
* Atlas Technologies BV = Lightyear 0 production & operating company <– Requested bankruptcy 23rd Jan, granted 26th
* Atlas Technologies Holding BV = holding company for IP and investments <– Trading
* Lightyear Layer BV = bus/commercial vehicle solar panel business. <– Trading
In theory the LY2 can continue being developed, depending on where the assets are held (in theory it should be the holding company), and if they can persuade investors to back it despite the LY0 bankruptcy. There will probably be some legal back-and-forth regarding exactly which companies hold which assets.
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This reply was modified 1 year, 2 months ago by Michael Marsden.
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This reply was modified 1 year, 2 months ago by Michael Marsden.
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This reply was modified 1 year, 2 months ago by
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“When Lightyear said its first vehicle was canceled and that it was going bankrupt, things seemed really hard for the startup. The Lightyear 0 was a limited-series vehicle with a price tag starting at €250,000 ($267,175 at the current exchange rate). If the company could not deliver that product, how would it pull off one that needs a large scale to make sense? That does not seem to be a concern for the investors that put €8 million ($8.55 million) on Lightyear to get it back on track.
Arnoud Aalbersberg was the investor who managed to unite other people who put money into the company. According to Quote, he volunteered to help three weeks ago and started a WhatsApp group among investors that soon reached 30 people. As Lightyear could not tell him who had invested in the company, he asked the startup to send these people an email warning about the group. It ended up with 225 members who had collectively invested €80 million ($85.5 million) in the company until that point.
The goal of this reunion was to raise €8 million until February 17. It is not clear if that was a condition imposed by the suspension of payments proceeding or by the trustee. I have contacted Aalbersberg to try to learn more, but all he was able to share was that Lightyear would indeed cancel the Lightyear 0 to focus on the Lightyear 2. In other words, it would not deliver any units of the limited-series vehicle that costs €250,000 a pop to concentrate on making the €40,000 solar car that can only turn a profit if produced in massive numbers.
Quote said that Aalbersberg and his fellow investors still faced another hurdle. Lightyear separated its manufacturing activities from its intellectual property (IP) with two companies, respectively Atlas Technologies B.V. and Atlas Technologies Holding B.V. The first is the one that went bankrupt. Atlas Technologies Holding B.V. was controlled by a consortium of incumbent investors that turned the intellectual property of Lightyear into collateral for their investments. These investors included Invest-NL, BOM, Dela, and the Fentener van Vlissingens family fund.
According to the Dutch website, the two investor groups had to discuss how Lightyear would proceed. They apparently only reached a deal on February 19 (Sunday) at 9 PM. The startup’s IP is now collateral for all investors. The details of their agreement were not revealed by Quote or by Lightyear. The investors Aalbersberg led are now known as the Individual Investors Group (IIG).
When asked about the message the company will send by focusing on a high-scale car instead of delivering the limited-series units that had already been ordered, Aalbersberg stated that he would rather “park this discussion due to other priorities to make the restart happen.” For now, the investor and his group will focus on a plan to deliver a working prototype of the Lightyear 2.
The first phase of this plan involves the €8 million the company’s investors managed to raise. Neither Lightyear nor Aalbersberg disclosed what purpose this money has, but it seemingly has to do with creating a new company. When it is established, this enterprise aims to present the working prototype in 18 months. The investor leader told Quote “that dreams can become reality.” The third phase is the mass production of the Lightyer 2, which Aalbersberg acknowledges will demand “another billion. There is a lot of faith in that.” Indeed.
If Lightyear wants that kind of money, it is probably planning to build its own factory instead of hiring a manufacturing contractor such as Valmet Automotive. Although there are people involved with Lightyear who could help provide that extra €1 billion the company needs, the message the startup is sending is controversial. Stopping the production of the limited-series vehicle was its only option under the bankruptcy threat. Still, there is no explicit reason not to restart production now that investors want to bring it back to business.
If the Lightyear 0 is dead because it had no demand, there is no reason to believe people will want to purchase the Lightyear 2, even at a lower price. If the company’s flagship kicked the bucket because it would not turn a profit even costing €250,000, how would the Lightyear 2 do that costing less than one-sixth what people would pay on the larger sedan? Above all, who would bet €1 billion on a company that did not deliver a single product? One that has never made a vehicle without the help of a manufacturing contractor?
To get there, Aalbersberg told Quote that the new company would “have to look very closely at who will run the place.” That means Lex Hoefsloot is no longer the CEO of the company he and his friends founded. The investors wanted clarity and “the best people in the best places.” Confirming that Hoefsloot will not be in charge anymore, Aalbersberg stated that “the founders will also be given a role in the new Lightyear to make their vision a reality.” If that vision is to create a new automaker with a high-scale vehicle right off the bat, sheer luck will be even more crucial than €1 billion, and the right people at the key jobs.
Lightyear Will Try a Comeback With a Group of 225 Investors and €8 Million – autoevolution
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This reply was modified 1 year, 2 months ago by bbelcamino.
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This reply was modified 1 year, 2 months ago by
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“As you may have heard, Dutch EV startup Lightyear succumbed to bankruptcy back in January. The bankruptcy came shortly after production of Lightyear’s first model, the 0, commenced. A €250,000 ($277k) solar-assisted EV, the 0 was never going to gain significant consumer interest. After all, there are only so many people willing to fork out a quarter of a million euro on a 174 hp sedan. Hence production was limited to 946 units, however that was arguably a rather ambitious figure in itself.
More interesting was Lightyear’s planned mass-market vehicle, the 2. Lightyear promised it would start at €40,000 ($44,390) and have over 500 miles of range (thanks in part to sleek aerodynamics and a solar-paneled roof). Of course, production of the 2 was heavily reliant on Lightyear filling all 946 build slots for the €250k 0.
Lightyear ran out of money several weeks after production of the 0 began. The new entity, Lightyear Technologies, employs just 100 people. For reference, Lightyear employed 600 at its peak back in late 2022.
With production of the 0 now unlikely to resume, Lightyear will focus solely on the significantly more affordable 2. The new venture will rely heavily on external investment, and selling off assets, to ensure production can begin. Hence you can now buy a Lightyear 0 prototype for a fraction of the production car’s selling price.
Currently, a Lightyear 0 show car is for sale on the Dutch bidding site Troostwijk Auctions. Bidding is currently at €32,000 ($35,510) and is set to close on Monday. Being a show car, it has a top speed of just 12 mph and is not road legal. Still, at least it looks legit. And given several partially constructed prototypes, battery packs and motors are also up for grabs perhaps you could make it drivable – albeit with a lot of effort. “
Want A Lightyear 0 But Don’t Have $277K? Now Is Your Chance To Buy A Prototype (insideevs.com)
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Interesting video on YouTube about the resurrection of Lightyear with its 40K (U.S.) Model 2.0 now “In the game” again. Interesting review of Lightyear history with emphasis on the “Planed” production the Lightyear 2.0 (Skepticism) in 2025 with some presence at CES in 2023. Intimation of some 60K reservations for the Model 2.0 before bankruptcy and reservation available again. One liner near the end that the Model 2.0 could be a backup if Aptera fails.🤬
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It is a good backup for Aptera, if Aptera fails. They aren’t dead yet!
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Over a year ago, Lightyear brought forward a car that seemed to be an environmentalist’s personal mobility dream. The solar-powered four-door electric vehicle had a smaller than the industry average battery, a roof that was supposed to produce clean, renewable energy, and was aerodynamic enough to boast usable range figures. But it didn’t work out. Will the next step in Lightyear’s story be the right one?
Lightyear received funding from the European Union (EU) through the CORDIS program and other private investors or companies (like Koenigsegg) to create an efficient battery-electric vehicle with a smaller initial carbon footprint. Zero-tailpipe emission vehicles come from the factory with a more significant environmental impact because of the materials needed in batteries and lengthy supply chains.
The young marque had the money, the plans, the determination, and the space to innovate in EV space by tying the car to the Sun. Its Lightyear 0 was aerodynamic, lightweight, and supposed to take the solar-electric vehicle from concept to reality. It was an ambitious project, considering Tesla was already well embedded in the EV sector.
Unfortunately, as we expected, it did not pan out. The first thing that kept the brand from interacting with real customers was the price – €255,000 ($281,078) before tax. If Lightyear was to sell the 0 in a country like Sweden, the vehicle would have ended with a total cost of €318,750 ($351,313) before selecting any options. It would’ve been around seven times more expensive than a base-spec Model 3 Long Range.
It made no sense to have a newcomer to the automotive industry selling cars that cost a lot more than a Porsche 911 Turbo S (VAT included). Lightyear wanted to ride the wave of electric powertrains and sustainable charging, but it ultimately failed to do so.
The 0 went into production in December 2022. Two months later, it was discontinued. Four days after reality’s darkness shattered the solar car dream, Lightyear confirmed it was bankrupt.
But the startup still had the Lightyear 2 – its mass-production unit that piqued the interest of companies like Arval and LeasePlan. Back in January, it announced that pre-orders for the mass-production-ready model (that we have yet to see) amounted to 21,000 units.
That vehicle is supposed to have a starting cost of €40,000 ($44,022) and a maximum range of 497 mi (800 km) between charges. The waiting list is still open, but there is no reservation process enabled at the time of writing.
Fortunately, a group of investors decided to work together and save Lightyear from extinction. They told the CEO he had to leave, even though the man was among the founders.
The wind of change
After investors helped Lightyear to rise from its ashes, changes started happening. It ditched its Norwegian manufacturing partner and brought in experienced people with solid automotive backgrounds.
Bernd Martens was a Board of Management of Audi AG member between 2012 and 2020. He was responsible for Purchasing and IT. The man supervised around 1,100 employees, had a yearly budget of approximately $33 billion to buy the right stuff for the German carmaker, and was directly involved in the construction of Audi’s new factory in San Jose Chiapa, Mexico.
But Martens is familiar with Lightyear. After the 0 went into production, he was named Chief Operating Officer (COO). Now, he is moving to the Supervisory Board. He will advise the new management about how to avoid a similar outcome with the Lightyear 2.
That happened because, after the investors revived the company, all its subdivisions were restructured into a single entity. Thus, Martens lost his short-lived COO role. The new Lightyear enterprise must now manufacture cars and solar panels and manage itself without splitting into three companies yet again.
As such, Martens sticking with Lightyear as a Strategic Advisor is more of a retention strategy that went right. Still, that begs the question: why did Lightyear announce Bernd Martens’ appointment to the Supervisory Board like it was a brand-new addition?
Moreover, the announcement is old news. John Heller was also presented as just being added to the Supervisory Board. But his LinkedIn profile shows that he got involved in Lightyear’s story in May – three months ago.
Keeping an open mind
Heller, who works part-time for a Longines-sponsored equestrian competition, held the CEO role at Louwman Group for over six years. This company has been in business since 1923, has around 70 stores open, and is the Netherlands’ top importer of Toyota, Lexus, Suzuki, and Morgan vehicles. But they are also the exclusive partners of BYD, the Chinese auto giant that was once Warren Buffet’s bet.
Heller has also held various other executive positions at a bunch of companies, including the European nation’s financial giant ING. Lightyear should do well tapping all this expertise.
But important questions about the newcomer’s future remain unanswered. What’s happening with the Lightyear 2? Who will act as CEO? Where will the carmaker manufacture its solar-powered car? Will it still make solar panels? What’s happening with the EU funds? We could go on, but we would only add insult to injury.
Lightyear must pull itself up by its bootstraps and keep marching on. There’s room for improvement, and the renewed Dutch entity still has space left to sell electric cars. It just has to push forward carefully and establish a comprehensive brand identity strategy. Once it becomes known and there’s a working and reliable product available, customers will come. Let’s just hope it won’t try to sell an unjustifiably expensive solar-powered car again.
Lastly, I recently signed up to be in the queue for Lightyear 2, which should be a direct competitor for vehicles like the Austrian-made Fisker Ocean or the made-in-China Polestar 2. I am the 80th person to do so. If the partnership with Arval and Leaseplan doesn’t work out, it’s improbable that Lightyear will survive. Unless, of course, the confirmation number I received was just random spot in the line for placing a deposit.</div>
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Usually your posts are short. The length of this one is indicative of your passion for the topic. I was glad to see that the “2” was like a Phoenix rising from the ashes and that there were plans for it to come to North America if successful.
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Here’s a serious YouTuber, an old timer, reviewing the state of solar cars, though mostly about Lightyear. Brief mention of Aptera at the 11 minute mark.
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Lightyear, resurrected from bankruptcy, announces development of Lightyear 2 with very Aptera like claims. Of course, skepticism recommended. 500 mile range in WLTP cycle, Production start end of 2025, under $40K price, V2G, 43 miles/day from solar, available in the U.S..
https://www.yahoo.com/news/solar-powered-car-travel-500-104500571.html
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Hey John,
If they still plan to use Elaphe in wheel motors and solar panels on a mobile vehicle… Even is different sizes…A WIN for both brands and possibly supplies, etc. Thx
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Agreed! Hope it works out for Lightyear, Aptera, and Elaphe specifically and the SEV domain in general.
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A lot of interesting developments going on with SEVs. Incremental progress and potential breakthroughs, but the technology is evolving fast.
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I thought I read (here/somewhere) that Lightyear was ending development of the LY2 – does anyone have verified information of such? (podcast, video, etc.) Thx
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As of 29 September, 2023
What is the latest info about the Lightyear 2?
This chic solar EV will be able to travel about 500 miles between charges, giving it a legendary range. According to Lightyear, due to its aerodynamic and lightweight frame, this new model will require only one-third of the amount of charging compared to current EVs.Sep 29, 2023
Rang however will be in the 600km+ range not 500mi. projected U.S. cost $40K
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Pending new funding Lightyear has shelved plans to produce the Lightyear 2, and is shifting resources to solar roof technology. There are several articles confirming this info: https://www.electrive.com/2023/10/05/lightyear-abandons-plans-for-own-solar-evs-for-now/
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