Sono Motors relies on hope and is equivalent to alternative plans

Sono Motors relies on hope and is equivalent to alternative plans-hope

Sono Group N.V. (parent company of Sono Motors GmbH) recently celebrated its successful listing on the Nasdaq Global Market. This is another milestone in getting the solar electric vehicle (SEV) Sion on the road. But 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 first question Sono Motors Chief Financial Officer (CFO) Torsten Kiedel answered was “Why did Sono go public? gives a correspondingly deep look: “Basically, there is one very central reason: we raised gross proceeds of EUR 172.5 million with the IPO to accelerate the next phase of our growth. The IPO of Sono is an important milestone to bring the SION to the street and thus pave the way for climate-friendly mobility.”

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. And their own production doesn’t seem to be finished yet either. Nevertheless, the “design freeze”, i.e. the detailed specifications for optics and technology, is planned to be carried out before the turn of the year. Then they want to start with the last generation of prototypes in a timely manner, so that the first crash tests can be completed in addition to cross-country and functional tests. However, there could still be small changes.

National Electric Vehicle Sweden (NEVS), the Swedish electric car daughter of Evergrande car, 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 could be forced to look for another production partner, the company admits in the prospectus. At edison, it is learned that Thomas Hausch, Chief Operating Officer (COO) at Sono Motors, is very aware of this topic and would like to calm it down accordingly. The final negotiations should not take place until December, with one being optimistic: “We are confident that it will work with NEVS,” says Hausch.

A plan b usually give it. 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.

Jona Christians, CEO and co-founder of Sono Motors, made it clear in one of the most recent communications that the start-up is also preparing for the future in terms of personnel: “We have appointed proven experts to our supervisory board, who also have extensive specialist knowledge in in the areas of mobility, automotive, digitization and corporate management.“These experts include:

  • Wilko Stark: Former member of the area council MERCEDES-BENZ CARS, purchasing and supplier quality, former Head of Product Strategy, VW AG
  • Martina Buchhauser: Former Head of Global Purchasing and Former Board Member, Volvo Car Corporation
  • Robert Jeffe: Director and Audit Committee Chairman, Associated Bank Corp and Senior Partner at BlackWatch Advisors LLC
  • Sebastian Boettger: Founder and CEO, NeLeSo GmbH, community representative
  • Johannes Trischler: Senior Legal Counsel, Sono Motors GmbH, employee representatives

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7 thoughts on “Sono Motors relies on hope and is equivalent to alternative plans”

  1. who still believes in a happy ending?

    the investors force the inventors to invent more and more new news & improvements in order to say in the end… didn’t work out.

    The Magna contract manufacturer is the most likely.

    I wish those responsible at SONO every success.

    it remains exciting

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  2. Sono Motors will also have to find customers through price. Some “moss and solar fans” that would pay more for this e-car are not a basis for a future of Sono Motors.

    An experienced finisher is needed to get the Sion up and running with a sharp pencil – moss and solar bodywork are nice extras that the customer is happy to take with him, but he won’t pay too much for them.

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  3. At least the right strategy has now been found: they are counting on hope. That’s smart, because hope dies last. Dude, dude, what clever rip-offs. But that includes goggle-eyed lambs.

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  4. The SOLARE eAuto SION SONO is simply unique in its ecological design. The successful IPO will boost production at the Swedish NEVS plant! HATS OFF!

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  5. Again and again the blablabla, Sono Motors doesn’t manage to get onto the market, but are still there.
    Or PV on the car doesn’t do anything, funny Mercedes is also starting with it and other brands.
    Bidi is also in the coming, even VW brings it, clearly only for people who can use it, just a small market .
    And the article here, I can interpret it one way or another, ask the author, don’t despair, Sebastian.!

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  6. It is a pity.

    I’m amazed that Sono focuses almost exclusively on liquidity problems.

    What’s worse is that the time window for the market launch of the Sion is gradually closing. A product that was supposed to be launched in 2019 will not be launched before 2023. And that in a highly dynamic, innovative competitive environment.

    It is to be feared that the Sion is threatened with immediate relegation from the limelight of the newcomer to the junk corner of the slightly dusty special items.

    A new manufacturer who is already left behind in every respect at the market launch, at least in the demanding western markets, is truly not to be envied.

    Against this background, I am very surprised at the relative success at the IPO.

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  7. … you just have to look at only the stock price now. Totally wiped out, a few made real money, everyone else is threatened with total loss (but it’s actually your own fault). I read quite often: “Never charge again” with this solar concept. oh man d.H. only drive a few kilometers every day. You don’t need a car for that…Of course you have to charge, in winter it will just be enough that the battery doesn’t lose anything… Nobody is seriously working on the solar cells making charging superfluous, but at most increasing the range if necessary. increase something..

    Reply

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