German Solar Car Sono To Trade on Nasdaq
Sono Motors Files for an IPO on Nasdaq
Valuation Could Be More Than $1 Billion
Sono Motors of Munich, Germany was founded in 2016 by four friends working out of a tiny garage. The company specializes in developing solar electric, zero emissions cars. Fast forward five years, the company has filed for a US initial public offering (IPO). The company will be listed as SEV on the Nasdaq with a expected valuation in excess of $1 billion. Sono has developed an advanced solar electric vehicle called Sion. It is looking to pull in investor money to expand operations as governments around the world are pushing for greener, cleaner, zero emissions vehicles like Sion. Growing from zero revenues and a concept to $1 billion in valuation in five years is the essence of a hot, fast growth company that global investors are currently evaluating.
Driving on Sunshine
Sono's Sion is a fully electric vehicle that has solar cells embedded on the roof, the hood and on other body parts of the vehicle. The range on a charge is 190 miles. Charging can be done by solar power or by a power outlet. Deliveries will start in the second half of 2023.
Big Customer Pipeline and a Revenue Stream
Sono says that more than 14,000 Scions have been ordered for purchase with down-payments totaling $45 million. In actual vehicle sales that amounts to $350 million. Sono doesn't plan on just selling solar cars to consumers. It says it also plans to license and sell its solar technology for the manufacture of trains, buses, trucks, boats and more.
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