Sono Motors needs over 200 million euros for the start of series production in Sion

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Sono Motors needs over 200 million euros for the start of series production in Sion-motors

Despite the successful IPO, not everything is dry at Sono Motors. It was already clear in advance that the IPO was necessary to keep the start-up alive. But that might not be enough. The manufacturer now classifies this itself in a question and answer session that was held after the IPO.

A total of at least 354 million euros would be needed before production could start, according to the US stock market prospectus. Sono estimates the losses that have accumulated since the company was founded to be EUR 109 million. Half of this was incurred in the previous year alone. The cost advantage that Sono Motors had at the beginning is becoming less and less. Because other established manufacturers are also pushing into the market with cheaper e-cars.

Sono Motors points out: “With the IPO, we received net proceeds of USD 156 million (EUR 137 million). We use these funds primarily to finance the development of the next prototype generation of the Sion.However, according to current planning, more than 350 million euros are needed before series production can start. It is therefore correct that the start-up would have to raise at least another 200 million euros to get the Sion on the road.

It is also quite clear that an unsuccessful IPO by Sono Motors would have led to the end of the young company. However, the start-up describes this quite skilfully in the report on the question and answer session: “It is correct that we were very confident about the prospects of a successful IPO. Viewed from the rear-view mirror, exactly what we were working towards has happened: a successful IPO.”

The own production doesn’t seem to be finished yet. National Electric Vehicle Sweden (NEVS), the Swedish electric car subsidiary of Evergrande Auto, is looking for new owners and investors. As Sono Motors explained to us, this would have no effect on the Munich start-up’s production plans for the SION solar electric vehicle. Shortly thereafter, NEVS boss Stefan Tilk revealed in an interview with Dagens Nyheter that there was no binding production agreement with the Munich company.

As soon as it was announced, this cast a different light on the intended IPO. Sono Motors also uses this expert round again to classify the own production plans: “NEVS has been our production partner since 2019 and we have since been in close exchange, as well. The production of the Sion is currently not affected by the restructuring and the preparations of the production facilities for the pre-series production in 2022 and the Sion series production in the first half of 2023 are already running according to plan. We are currently assuming that we can produce the Sion at NEVS as planned.”

But there is also a plan B. For example, they “spoke to several European contract manufacturers at a high level”. There would definitely have been signs of a readiness for production from these. Sono Motors did not want to reveal more today. However, assumptions suggest that it could be Magna Steyr, which already produces vehicles for other manufacturers.

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5 thoughts on “Sono Motors needs over 200 million euros for the start of series production in Sion”

  1. 200 again. millions! A snapper!

    Anyone who has ever wondered why many scam mails are immediately recognizable, although more effort could have been put into the design, layout and spelling. That’s very simple, those are the ones where you need a lot of help from the victims in the further process to get their money. Because you don’t install a virus, but later ask for your PIN or TAN or similar things. Since the criminals with such servers bill the criminals with the scam mails for this service per use, this ensures that only the dumbest go to the server. Because even a demolition would be a use.

    Why am I telling this here?? Because we’ve been on the server for a long time. Anyone who has buttered in the last few times will also take part in the next four rounds of financing. And lash out all the more furiously here.

    Reply

  2. A somewhat “warmed up” article with IMO little news content.
    Instead of the well-known Sion bite reflex and excited warnings, here is how US stock market professionals rate the stock after 14 days:

    https://www.nasdaq.COM / Articles / Sono Group-IS-AN-EV investment with-a-big difference

    Its conclusion is:

    It is clear that the SION will not replace the conventional gas-powered vehicles immediately. Nevertheless, the idea of a solar powered vehicle is fascinating and worth considering.

    Therefore, the SEV share could still have fuel in the tank. Or rather, she could someday have her day in the sun.

    The next “milestone” in the schedule of Sion development

    https: // sonomotors.COM / DE / State-of Development /

    I expect the official design release for prototype construction late. until the beginning of 2022 and yes, the missing> 200 million will then have to come from the US stock exchanges. Stay and lake &# 128578;

    Reply

  3. An IPO was just one.from military options. It could also have come to Jeff Bezos the idea to buy for 500 million Sono.

    Or Elon Musk. He loves startups and is always looking for contact with the machine room.

    Let’s wait. Raising venture capital in the US made sense. There is a different investment culture there and cool new things have more of a chance there. This can be seen in the many tech companies that develop and shape new standards there.

    Agile working and Scrum were developed in the USA .The investment industry there has adapted to this.

    Reply

  4. Strange that other manufacturers are now also installing solar in their vehicles, but who cares, the experts here know everything better anyway.

    Reply

  5. Does anyone know CW value and cross-sectional area of the Sion? In order to be up-to-date and worthy of funding, it is not enough to stick solar cells on the roof. No

    Reply

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