It seems that in addition to the company NEVS itself, which found itself in trouble due to financial problems of the parent company Evergrande Group, the German EV startup SONO, which was supposed to start production of their first EV car in the former Saab plant in Trollhattan, is also in big financial trouble.
The latest news indicates that The electric car startup Sono Motors is listed on the stock exchange – to avoid bankruptcy. The German startup already wants to start manufacturing the cheap electric car Sion in Trollhättan, but it has been delayed several times.
With a low price, towbar and solar cells on the roof, the startup Sono Motor’s small electric car The Sion has looked like it could be an attractive low-cost alternative – despite the limited range (just over 250 km). The plan was that Nevs in the old Saab factory in Trollhättan would have started building the car; First in the fall of 2020, then in September 2021. Neither got off. Instead, according to the latest announcements, Sion will now begin to be delivered in the second half of 2023.
Now Sono goes to the stock market to (once again) avoid bankruptcy. The company admits in a press release that they, as it looks now, risk running out of money in December. At the same time, 16,000 advance reservations have been taken in at Sion – of which 1,000 in the last few days after Sono revealed a planned price increase – and half a billion in grassroots financing (crowdfunding).
The company now plans to list 10 million shares on the Nasdaq stock exchange in the US, at a price of 14-16 dollars per share. In other words, the company can get a maximum of about 1.6 billion Swedish kronor from this issue of shares. And, An additional listing of 1.5 million shares will take place later, according to Sono.
NEVS, which will build Sono Sion, is also struggling right now. The company is said to be for sale after its Chinese bigwigs ended up in a deep debt crisis. Recently, 289 employees left the manufacturer, which also put some of its manufacturing equipment up for sale.