Sono Motors is a Munich-based EV startup. It has filed for a US IPO. The brand aims to produce an all-electric hatchback with solar cells integrated into its body. This design is named the Sono Sion. It has a claimed range of up to 305 kilometers (190 miles). Although many have labeled it ugly and unsightly. But, per Sono Motors, the Sion promises great tech and an affordable price. The company says it will start at just €25,500 ($29,700) in Germany.
Demand has been strong as well, with Sono’s IPO filing suggesting the firm has received approximately 14,000 reservations. This equates to around €300 million ($349 million) in net sales volume. It also means Sono has received €38.8 million ($45.2 million) in revenue from deposits. However, that clearly won’t be sufficient to see through production and hence Sono is filing for an IPO.
Sono’s IPO filing revealed more details about production, which is now aimed for the first half of 2023. The Sion will be charged both by the sun and traditional power outlets and is aimed at being an affordable option amidst the waves of upcoming EVs priced higher than the average ICE car.
Per Reuters Sono Motors will reportedly seek a valuation of over $1 billion. For reference, another EV startup – Rivian, also aspires to go public soon and will seek a valuation of around $80 billion. So, maybe we can expect Sono stock to become quite a smart buy then? Only time will answer this.