Sono Motors, a German-based electric vehicle startup, launched an initial public offering (IPO) in the United States.
The shares of the Munich-based firm were traded on Wednesday on the Nasdaq Global Market Index under the ticker symbol SEV.
Underwriters were given the opportunity to buy an additional 1.5 million shares for $15 each. The company also listed 10,000,000 shares for $15 per share. The share price soared immediately and ended the day at $38.20.
Strong investor demand is driving EV companies to seek out opportunities to capitalize on the strong investment market. This comes largely because of the global push to make zero-emission cars affordable to the general public. Numerous EV startup have been publicized in the last year via SPAC agreements. Rivian launched a successful IPO just last week.
Rivian has seen its market value rise beyond that of Ford and General Motors. Lucid is another EV startup that went public in July via a SPAC transaction. It now has a market worth about the same as GM and exceeds Ford. Remember that only a small number of vehicles have been delivered by both companies.
Sono is aiming to make an electric car affordable for urban commuters. The Sion EV, also known as the Sion is scheduled to start deliveries in 2023. Sion presented a prototype at the 2021 Consumer Electronics Show, January. Sion stated that the vehicle’s array of solar cells could provide a range of approximately 10 miles per day from the sun. This battery can provide about 160 miles of range and is capable of producing 35 kilowatt hours.
Sono Sion electric car solar panel placement
Sono had previously revealed a Sion base price of 25,500 euro (approximately $258,825). Sono stated that it had more than 16,000 reservations currently.
Sono has also been looking at licensing its panels to other companies, including those who manufacture larger vehicles, like trucks, buses, vans and trains, as well as trailers, trucks, campser vans, boats, and truck-trailers.
Team Rosberg Engineering, an engineering firm that Keke Rosberg founded, and father to fellow F1 world champ Nico Rosberg is involved in the operation. TRE develops the Sion’s axles.
