Looming insolvency averted – Sono Motors successfully launched on the stock market

Sono Motors placed ten million common shares at $15 per share - equivalent to 15 percent of the company's shares. The Sono Motors share was traded at around $27 after the launch, bringing the Munich start-up’s theoretical market value to approximately two billion dollars (1.77 billion euros). "We chose an IPO in the USA because investors in the USA are very interested in technology companies," said founder and CEO Laurin Hahn, "the IPO will likely net Sono Motors around 135 million euros."

The solar car Sion, developed by Sono Motors, is set to hit the market in 2023. According to Hahn, the money will help "secure our survival and make additional investments for series production." Additionally, the proceeds will go towards completing the next generation of prototypes. The Sion is to be built in Sweden, and according to the company, there are around 16,000 pre-paid reservations for the compact car. Hahn adds: "We are now a big step closer to delivering the Sion to our community and fulfilling our mission of equipping every vehicle with solar cells."

What does this mean:

After initial difficulties with financing and production, a major hurdle has now been overcome.