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Is the Aptera factory for lease?
I saw this listing on google today. This is the Aptera factory building, 5818 El Camino Real, Carlsbad, CA.. If this is for real, does it mean Aptera is throwing in the towel and giving up while still asking for investors? What’s up with this?
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7 Replies
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Is the Aptera factory for lease?
updated 2 months, 1 week ago
8 Members
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7
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Yep, it’s true
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Sublet makes perfect sense for aptera. They have no way of filling the factory full of machinery and vehicles for at least 2 years. Why not make some money
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Bottom line is that originally the bodies were going to be made by hand in Carlsbad, but now they are being mass produced by CPC in Italy. So they no longer need the space.
They have two locations, and either of the two locations is big enough for them to work from. So they put both on the market, and when one gets leased, they’ll move into the other one.
Not sure why they didn’t do it earlier, but they were probably waiting for the CPC contract to be signed. The rent is expensive, so off-loading one will help with the cash burn rate.
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This reply was modified 7 months, 2 weeks ago by Michael Marsden.
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Ultimately it would be best to lease out one of the spaces prior to setting up production. They may need to discount the space to motivate future tenant. As long as they get some form of income from either space. Every month its a big bite of the wallet. Funds that could have been used towards the goal of production.
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This reply was modified 7 months, 2 weeks ago by
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Hi Mark and all,
No plans just yet! However, we will be consolidating our physical footprint in North County San Diego for greater capital efficiency. As you know, we currently lease two buildings. Now, with the manufacturing of Aptera’s carbon fiber bodies taking place at CPC Group in Italy to start, we won’t require as much space as originally anticipated to meet our first-year production goals. We are in the process of unifying our presence at one of those two locations as a creative strategy to keep Aptera as investible as possible over the coming months. Both buildings are on the market as we explore our options, and either location can accommodate our space needs going forward. Our low volume solar production line will continue to operate as it has been, and we’ll be gearing up to build 40 vehicles a day once we reach our funding milestones. In the coming years, we plan to expand and replicate our manufacturing and assembly facilities in more regions across the U.S. ☀️
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Good to see an official Aptera response to the discovery that production facilities are available for lease. Certainly appropriate as a cost saving measure to more efficiently use the capital available currently and as a cost cutting measure to assure potential investors that Aptera is fiscally responsible.
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This reply was modified 7 months, 2 weeks ago by John Malcom. Reason: Corrected spelling
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This reply was modified 7 months, 2 weeks ago by
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In their SEC filing today, Aptera mentions this:
In July of 2023, the Company notified the landlord of the Vista Building that the Company considered the terms of its lease to be terminated. The liability associated with the termination of the lease is in dispute; however, the Company no longer intends to use the facility and therefore will record an impairment of up to $7.5 million related to the right-of-use asset.