Sono Motors changes funding concept, puts hopes on crowdfunding

December 02, 2019 //By Christoph Hammerschmidt
Sono Motors changes funding concept, puts hopes on crowdfunding
E-car startup Sono Motors (Munich, Germany) has radically changed its financing concept: Because of apparent differences with the current investors, the company now plans to rely on crowdfunding. The manufacturer of electric vehicles has set itself an ambitious goal: By the end of December, €50 million need to be collected. 2000 reservations are necessary for this.

Even though market observers such as IDTechEx have given Sono Motors' concept top marks, this is not enough for solid financing - a phenomenon that is by no means unknown in innovation-driven industries such as electronics and IT. Sono Motors wants to produce the electric car Sion, which can increase its range by equipping the vehicle surface with solar cells. In addition to solar integration, the Sion will support a bidirectional charging infrastructure; in addition, the Sion concept envisages embedding the vehicle in intelligent mobility services – a combination that Sono claims to be a “world’s first for a series vehicle”.

Now Sono has launched one of the largest community funding campaigns in Europe. By 30 December 2019, the company aims to achieve its campaign target of 50 million euros through 2,000 reservations. The capital is to be invested primarily in production facilities and production prototypes of the Sion.

The campaign follows a strategic reorientation in corporate financing. Beyond the classical financing rounds, the sustainable implementation of the corporate vision, the unrestricted focus on Sono Motors' goals as well as the production and delivery of the Sion are to be ensured. Follow-up financing will also be supported by the Sono Motors Community and complemented by sustainable investors who share and support the company's value system and vision.

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