Aptera Motors Corp. (Nasdaq: SEV) said it now estimates it needs approximately $25 million to reach the start of production, down from a previous estimate of $40 million to $45 million, according to a company statement.

The Carlsbad, California-based electric vehicle maker also revised its total capital estimate for its full production plan to approximately $115 million, down from a prior range of $180 million to $205 million. The reductions represent a decrease of roughly 36% to 44% from earlier projections.

Aptera attributed the lower estimates primarily to its partnership with Launch Design (Shanghai Launch Automotive Technology Co., Ltd.), which the company said contributed design-for-manufacturing refinements and access to an international supplier network, along with a rebuilt bill of materials based on supplier quotes received to date.

The company plans to begin building its first 40 production vehicles by the end of 2026, with initial customer deliveries targeted for early 2027, subject to timely financing.

Aptera outlined three capital milestones: approximately $25 million to reach the start of production; an additional $40 million, totaling roughly $65 million, to reach a production rate of 500 vehicles per month, which the company believes could support self-sustaining operations from vehicle sales; and approximately $50 million more to scale toward roughly 20,000 vehicles per year, bringing the total to approximately $115 million.

"This is a fundamentally leaner path to getting Aptera into customers' hands," said Chris Anthony, Co-CEO of Aptera. "By redesigning the Aptera for manufacturability and tapping Launch Design's international supplier network, we believe we are pursuing one of the more capital-efficient paths to production in the EV industry."

The company noted that all capital and timing estimates depend on obtaining financing on acceptable terms, as well as on supplier performance and regulatory approvals. Aptera also disclosed that an ongoing SEC investigation and previously identified material weaknesses in internal controls remain outstanding risks.