Lightyear halts production of €250,000 solar-powered electric vehicle • TechCrunch

Solar-powered electric vehicle maker Lightyear said it was halting production of its flagship Lightyear 0, its premium EV with a sticker price of €250,000. Although Lightyear only started production of the vehicle three months ago, it is restructuring to focus on building a more affordable model, the Lightyear 2 for around €40,000, reports electr.

The news comes as many electric vehicle manufacturers are cutting production and delivery dates due to a range of macroeconomic factors such as: semiconductor shortage, Battery supply problems and rising material costs due to inflation. At the same time with recession fears With a dark cloud hanging over consumers and EV startups struggling to get vehicles off the assembly line, it just doesn’t make good business sense to throw money into an extremely expensive model.

The Lightyear 0 was always intended as a technology demonstrator to be produced in limited numbers. In a press release, Lightyear said it had to overcome “many challenges” to make its vehicles a reality. The company hasn’t specified what the challenges are, but to uphold its vision, the Lightyear 0 must die for the Lightyear 2 to thrive.

“We are now focusing all of our energy on building Lightyear 2 to bring it to customers on schedule,” said Lex Hoefsloot, CEO and co-founder of Lightyear, in a statement.

Lightyear opened the waitlist for Lightyear 2 at CES earlier this month, a five-seat hatchback with a promised range of 500 miles per charge. The company hasn’t revealed many details about the car, but the Lightyear 2 already has over 40,000 reservations from individual buyers and around 20,000 pre-orders from fleet owners such as international leasing and carsharing companies Leaseplan, MyWheels, Arval and Athlon. a company spokesman told TechCrunch.

The Lightyear 2 is scheduled to begin mass-market volume production in late 2025. It’s not clear if the company intends to push back that production date, as it won’t be building the Lightyear 0, which there’s already prep work on -selling 150 units. Earlier this month, a Lightyear spokesperson told TechCrunch that the first Lightyear 0 had been produced and shown to the company’s first customer. The company said it has been building one car a week since November and expects to ramp up weekly production later this year.

Lightyear didn’t respond to TechCrunch in time to comment on the production date of the 2s or if it will catch up on its 0 sales.

However, Lightyear said in a press release that it had filed an application with “the court to initiate moratorium proceedings in respect of Atlas Technologies BV, our operating company responsible for the production of the Lightyear 0.” The company did not specify which court it filed a suspension application in, but according to the Dutch Business Agency, Companies can request a debt freeze for 18 months to give them time to restructure.

Lightyear will likely try to raise more cash to stay afloat. The company rose $81 million in September as it prepared to start production of the Lightyear 0, but Hoefsloot noted that the company hopes to “complete some important investments in the coming weeks to scale up the car to a wider audience.”


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