Sono Motor‘s Sion was supposed to be the first mass-produced solar EV in 2023. However, after a series of good news, including securing 20,000 direct consumer pre-orders, FINN’s boost of about 12,600 reservations, and its world tour before its anticipated domestic release, the Sion solar EV is now on its biggest downturn.
“Financial markets have experienced a negative downturn, with many tech companies losing up to 90+% of their respective market cap, and shares in mobility tech companies have been hit particularly hard. As a result, financing our Sion program through equity has become increasingly challenging and dilutive. Raising money takes much longer than expected, since we failed to explain to investors why the Sion has the potential to become the world’s first affordable solar-electric vehicle and that there is a huge demand for it.”
Sono Motors
#saveSion campaign
Sono Motors cofounders and CEOs Laurin Hahn and Jona Christians released a public statement saying they could not secure sufficient funds for the Sion solar EV. They are now seeking assistance from the general public through its 50-day campaign called #saveSion, according to InsideEVs.
This campaign urges its reservation-holding Community to purchase to help launch the 12-month journey to put the Sion into production.
“They are telling us to not build the car, to restructure the company, and to lay off 70 percent of our people,” the company writes on its website. “To refund the Community and to disregard the Sion and our reservation holders. But, for us, this simply can’t be an option. Not without giving our Community the chance to make a move. That’s why we kicked-off this campaign.”
Sono Motors
Sono claims to reimburse every reservation made as part of this push if it falls short of its fundraising target. When that happens, the company will be obliged to abandon its EV project and concentrate on its B2B solar panel business, which has generated sizable profits.
Nonetheless, the CEO’s determination to see this project through is absolutely impressive. There is no doubt that the Sion has garnered supporters along the way who may already be persuaded to purchase the vehicle to help save the Sion and put it into production.
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