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Solar car manufacturer Sono Motors starts with a price jump of 155 percent

2021-11-18T11:51:43.252Z

The Munich start-up Sono Motors has not yet generated any sales. Nevertheless, it started with a significant price jump on the Nasdaq. Sono plans to deliver cars from 2023.



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Sono founders Navina Pernsteiner, Jona Christians and Laurin Hahn

Photo: Sono Motors

The Munich-based electric car startup Sono Motors has made a successful public debut on the Nasdaq.

The shares closed this Wednesday with a price increase of 155 percent to 38.20 dollars - the solar car maker has a market value of around 2.6 billion dollars.

For Sono Motors itself, 150 million dollars flow into the cash register.

The company intends to use the proceeds to advance the development, preparation for series production and the market launch of the solar electric vehicle, said Sono boss Laurin Hahn: “We decided to go public in the USA because investors in the USA are very interested in technology companies . "

Sono Motors hit the nerve of the times with its IPO, said one trader, "regardless of what is fundamentally behind it."

The company is dependent on the fresh capital - without these investments it would be insolvent in December, as stated several times in the issue prospectus.

Sono Motors has developed a vehicle that is equipped with solar cells and thus produces some of the electricity it needs itself.

The "Sion" model is not due to be delivered until the first half of 2023.

According to the prospectus, around 16,000 advance orders and down payments of more than 40 million euros had been received by November.

However, Sono Motors has not yet generated any sales.

The "Sion" is to be built in Sweden, in the former Saab car plant in Trollhättan.

Sono also plans to license its solar technology to manufacturers of buses, trucks, mobile homes, trains and boats.

"Our solar technology was developed in such a way that it can be integrated into a large number of vehicles," said Sono boss Hahn.

hej / Reuters

Source: spiegel

All business articles on 2021-11-18

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