The company secured over €53 million ($58.43 million) for its solar electric car Sono Sion.
Sono Motors’s community funding campaign, launched on December 2, 2019, to raise at least €50 million, was recently successfully completed.
Not everything went smoothly, as the original deadline was the end of the year (30 days). With some €32 million, the company failed to achieve the goal but managed to get approval for extending the campaign through January 20.
With strong support from the community, this time the €50 million was crossed and in total Sono Motors sits now on over €53 million ($58.43 million) for commercialization of the solar-powered Sono Sion electric car.
Interesting is the structure of the new financing:
“The Munich-based mobility provider Sono Motors has successfully completed the extension of its campaign to finance the company and has exceeded its target of 50 million euros. With one of the largest community funding campaigns in Europe, an average of one million euros a day has been invested in the campaign over a period of 50 days, of which around 75 percent stem from reservation holders of the Sion – the first solar electric vehicle (SEV), 19 percent from existing and new investors and around 6 percent from loans and donations. In December 2019, in full transparency Sono Motors announced a strategic reorganization of the company’s finances to protect its values and technologies. Therefore, they gave the Sono Motors community the possibility to take the decision on whether to continue the “project Sion”.”
The number of pre-orders is now about 13,000, some with a high down payment.
Production of the car is expected from September 2021 at the former Saab plant in Trollhättan, Sweden. The ambitious production target is 260,000 over eight years (32,500 per year on average).
“The Sono Motors community will continue to play a key role in the further financing of the company, together with sustainable and value-based investors. The inflows from the now completed community funding campaign will be used to finance the construction of series prototypes and to set up production. Sono Motors plans to produce a total of 260,000 Sion over a period of eight years at the former Saab plant in Trollhättan, Sweden. The company currently has 13,000 reservations for the Sion.”
Laurin Hahn, CEO and co-founder of Sono Motors said:
“53 million euros, invested by the centre of society, for the forward-looking and sustainable mobility concept of a start-up is a clear signal, also directed at politicians to make adjustments. Electromobility and the support of young companies in Germany has to be pursued faster and more vigorously. We at Sono Motors now see it as our responsibility to live up to the trust placed in us by our supporters. Together with the community, we will continue on our path to bring the Sion into production as quickly as possible,”.
Gallery: Sono Motors Sion
22 Photos Sono Sion specs: Source: Read Full Article
