Munich The Munich start-up company Sono Motors is the money for his planned solar car Sion went out. The two CEOs and co-founders Jona Christians and Laurin Hahn said on Thursday: “We didn’t manage to explain to investors why the Sion has the potential to become the world’s first affordable solar electric car.”
The last chance is now that 3,500 customers pay a reduced purchase price of 27,000 euros for their car in full in advance – otherwise the project would have failed.
The company has set a deadline of 50 days until the end of January for the rescue attempt. Sono Motors made a loss of 104 million euros this year by the end of September and needs fresh money to be able to build the pre-series in 2023 and the first series car in early 2024.
The compact electric car has 456 solar cells on the body, which, according to Sono Motors, provide electricity for an average of 112 kilometers per week. With a battery and electricity from the socket, the car should have a range of a good 300 kilometers.
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Around 21,000 private customers have already made reservations and paid an average of 2,000 euros in advance, and there are pre-orders from fleet operators for a further 22,000 solar cars.
Hahn and Christians had taken the company public a year ago to avert impending insolvency. The main shareholders are the two founders and US investors.
B2B business as an alternative
“Many investors are advising us that we should focus on our less capital-intensive B2B solar business, which is already generating sales, and abandon the Sion program,” Hahn and Christians said. Sono Motors now also builds solar solutions for buses and trucks.
The potential buyers of the solar car would now have one last chance “to keep the Sion program alive and to partially close our financing gap”.
Otherwise, “we plan to focus on our attractive B2B solar business, which is significantly less capital intensive.”