Lightyear is a little known company that is developing a solar-powered EV. However, it has stopped production of this solar-powered EV after three months. It is doing something else instead.
Production Halted on Lightyear 0
Word has gotten out that Lightyear has announced that it's stopping production of its Lightyear 0 vehicle. This is an expensive vehicle for most people, at about $270,000. This setback is supposedly part of a strategic restructuring, according to a blog post on their website.
The company said that this decision was difficult and that it took time to think about it as this impacts its employees, investors, clients, suppliers, and the government. It will also have an impact on Valmet Automotive, which is the company Lightyear contracted to build the Lightyear 0.
The company is vague about why production was halted and said it has faced several challenges over the past several months and that the move is meant to safeguard their vision.
Here is my take on why the did it. A $270,000 EV is not going to work very well - it's too expensive. Volume production is hard and this vehicle won't sell enough to make it worth the company effort to produce.
What Lightyear is Doing Instead
The company will instead focus on making the Lightyear 2 EV, which the company says will cost under $40,000 and go into production in late 2025.
The Lightyear 2 was announced at this year's CES event and is meant for an entirely different market - the under $40,000 market. The company says that this vehicle will inherit all the innovations of the Lightyear 0 at a fraction of the market price.
There are supposedly about 20,000 pre-orders for the Lightyear 2 from fleet owners who want a vehicle that can charge itself with solar panels while driving.
I don't think the Lightyear 2 will simply inherit all the things of the Lightyear 0 EV. If the company didn't specify why it would inherit all these things and why the cost is so much lower, then it makes it difficult to believe.
I believe this EV is going to struggle to get traction and sell. What do you think - will this EV sell and will the company be profitable?
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