[michael-keller]

I have 46 referral credits. Assuming that Aptera does not change the rules of the game, I will be able to apply these credits once the 46 people take delivery. It is reasonable to assume that not all 46 will take delivery — though no one can say with confidence how many will take delivery, nor when. These 46 people have relatively high order numbers, and so are far down the list for delivery. The soonest that Aptera can start production is March 2024, perhaps at the company’s stated production volume of 10,000 units per year, and then later — no one knows when — advances to 20,000 per year. The 46 reservation holders may then have the opportunity to take delivery — when? Not 2024. Not 2025. Maybe starting in 2026? 2027? Along the way some of the many thousands of reservation holders may drop out, thus allowing those with higher order numbers to get an Aptera sooner — but no one can say with confidence how many will drop out. What does all of this mean? Clearly, there is much uncertainty, especially for those with high order numbers — but you already knew that before you started reading this (thanks for reading this far!). For me personally it means that I have begun actively looking for an alternative EV, because I suspect that by the time my order number of 37,616 allows me to place my order, I will have long since lost patience with Aptera and purchased an EV — I, and most people in the market, do not need an Aptera; rather, we need an EV. If and when Aptera contacts me to say that my reservation holders have taken delivery, I will assess whether to place my order or to wait for addition reservation holders to do so. In the meantime I wish Aptera and fellow reservation holders all the best.