E-car manufacturer Sono Motors reaches crowdfunding target: Page 2 of 2

January 20, 2020 //By Christoph Hammerschmidt
E-car manufacturer Sono Motors reaches crowdfunding target
The start-up company Sono Motors has managed to raise €50 million in capital through crowdfunding in a short period of time. This removes an important obstacle in the way to the series production of the Sion electric vehicle.

According to market watchers, the potential investors did not share the vision of an eco-friendly vehicle designed to fight climate change. "In negotiations with large, financially strong investors, it has repeatedly become clear that they are not pursuing our values and goals," said Sono Motors co-founder Laurin Hahn, explaining the move at the time. Ultimately, he said, his own sustainability claim was not compatible with the financial investors' focus on quick profits. If Sono had agreed to the investors' conditions, the planned electric car "would never not have gotten on the road," the company said. In addition, it would have been "by and large a technology sellout," explained CEO Hahn at the time.

But despite having reached its crowdfunding goal, Sono Motors now needs more money for the planned series production. The start of production is expected to cost around 255 million euros. The company hopes to earn part of this amount through the sale of CO2 certificates as well as through the down payments from the customers who already ordered a Sion.

 

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