The electric car manufacturer Sono Motors is planning an IPO in New York. The company has filed with the SEC to register its common shares on the Nasdaq Global Market, it said. The concept for the IPO comes from the investment banks Berenberg and Craig-Hallum.
Sonos’ filing with the Securities and Exchange Commission (PDF) states that the company expects to generate $ 1 billion in revenue from listing its shares on the stock exchange. This also corresponds to the rating that was whispered among insiders in March when speculation arose for the first time about a Sono IPO.
With the Sion, Sono Motors wants to bring an electric car onto the market with solar modules attached to its body. According to the stock exchange prospectus, 14,000 reservations with an average down payment of 3300 US dollars have been received by the end of September this year, which interested parties can cancel without a discount. When it hits the market, it will cost 21,400 euros; that should be so far in the first half of 2023 in Trollhättan, Sweden, says the prospectus. In March it was said that series production could start in 2022.
109 million lousies
Since it was founded in March 2016 until the end of 2021, Sono Motors has reported a total net loss of just under 109 million euros, last year alone 56 million euros and around 25.6 million euros in the first half of 2021. The company will continue to make losses and will be dependent on external financing, at least until production has ramped up and the solar technology can be monetized. According to the prospectus, these are the two pillars of the company’s growth strategy.
Sono has secured a patent for the integration of solo panels in the body. The company expects solar integration to be “the next logical step for any electric vehicle”. Sono sees itself at an advantage over other manufacturers because they usually do not develop a car from scratch, but only work on existing models and technologies.
The Sono Sion was invented in a Munich garage in 2012, as it says in the brochure. It is a compact 4.5-meter car with space for five people and a luggage volume of 650 liters. It is a deliberately kept simple car. The approximately 250 solar cells in the should be able to extend the range of a good 300 km due to the battery by a good 110 km.