Sono Motors gives up the »Sion«
Post date: 28/02/2023 - 10:53
Munich, Germany-based Sono Group N.V. has abandoned plans to produce the »Sion« electric car with solar cells integrated into the body. Such a decision had already been announced last December, but was made dependent on the outcome of a »#savesion campaign«, which, if successful, would have been used to secure the series production of the Sion via advance orders.
Sono Motors is now planning to lay off around 300 employees. Chief operating officer (COO) Thomas Hausch is stepping down from his post, but will still »support the company’s transition.« The company's shares, listed on the Nasdaq exchange in New York, fell to around 55 U.S. cents from around 85 U.S. cents on Friday (Feb. 24).
Payment commitments made as part of the »#savesion campaign« will not be collected. A repayment plan is in place for upfront payments made prior to the start of the campaign; the amounts are to be reimbursed »in various installments including a bonus over the next two years«.
Sono Group, or rather its operating company Sono Motors GmbH, will in the future »pivot its business model to exclusively retrofitting and integrating its solar technology onto third party vehicles.« This activity is far less capital-intensive, according to the company: Last year, about 90 percent of the financing requirements were for the Sion program.