A Southern California electric vehicle company has decided to pull the plug.
Aptera Motors has announced that it is shutting its doors, letting its workers go and liquidating its assets, Wired.com reports.
The company first showed off its three-wheeled model in 2007 and had been working on a sedan.
Aptera Motors CEO Paul Wilbur said in a statement that Aptera ran out of time and money, Wired.com reports.
"After years of focused effort to bring our products to the market, Aptera Motors is closing its doors, effective today," he said in the statement.
"This is a difficult time for everyone connected with our company because we have never been closer to realize our vision. Unfortunately though, we are out of resources."
Wilbur said the company had been engaged in "exhaustive due diligence" with the Department of Energy and, having had its business plan "examined from top to bottom," recently received a conditional commitment letter for $150 million under the Advanced Technology Vehicle Manufacturing loan program, Wired.com, reports.
The Energy Department reportedly said that it was not conditionally committed to granting the loan.