A German electric-vehicle startup by the title of Sono Motors, which has largely flown below the radar, plans to go public by launching an preliminary public providing within the U.S.
The Munich-based firm on Tuesday stated it deliberate to listing 10 million shares at $15 per share, with underwriters given a 30-day choice to buy a further 1.5 million shares on the supply worth. Sono is trying to listing its shares on the Nasdaq World Market index as early as Wednesday, below ticker image SEV.
EV firms want to capitalize on sturdy investor demand ensuing largely from the worldwide push by governments to get the general public into zero-emission automobiles. A number of EV startups have gone public previously 12 months, sometimes by way of SPAC offers, and solely final week we noticed Rivian launch a profitable IPO.
Rivian’s market worth has soared previous the values of established automakers like Ford and Normal Motors since its itemizing. One other EV startup, Lucid, which went public by way of a SPAC deal in July, now has a market worth greater than Ford and about equal to GM. We’ll remind you that each firms have solely delivered a handful of automobiles.
Sono’s purpose is to launch an inexpensive EV for city commuting. Known as the Sion, the EV is focused for begin of deliveries within the first half of 2023. A prototype was proven on the 2021 Shopper Electronics Present in January, the place Sion stated an array of photo voltaic panels hooked up to the car may lead to a day by day common of about 10 miles of vary per day simply from daylight. The battery is a 35-kilowatt-hour unit good for about 160 miles.
Sono has beforehand introduced a base worth of 25,500 euros (roughly $28,825) for the Sion. The corporate stated it has greater than 16,000 reservations at current.
Past the Sion, Sono can be trying to license its photo voltaic panels to different companies, akin to these manufacturing bigger automobiles like buses, trailers, vehicles, camper vans, trains and boats.
Crew Rosberg Engineering, the engineering agency based by System One world champion Keke Rosberg, the daddy of fellow F1 champ Nico Rosberg, can be concerned with the corporate. TRE is creating the axles for the Sion.
