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Highlights
- Established in 2016, Sono Motors' flagship vehicle, Sion, can charge itself and range up to 305 kilometers.
- Sono Motors aims to earn money through the sales of Sion and licensing its innovative technology.
- Sono Motors has more than 14,000 reservations that have been made on the Sion, with an average down payment of US$ 3,300.
German solar electric vehicle maker Sono Group N.V. is looking to go public in the U.S. equities market and capitalize on the increasing focus of governments to fight climate change.
Sono Motors manufactures vehicles that can charge themselves using solar power, and its innovative technology could get attention from different automakers.
Sono Motors plans to list its shares on the Nasdaq Global Market in the documents filed with the Securities and Exchange Commission (SEC). However, the price range of the shares has not been revealed yet.
Should you keep an eye on the Sono Motors IPO?
Established in 2016, the Germany-based solar car maker's flagship vehicle, Sion, can charge itself and has a range of up to 305 kilometers. In addition, the car can provide a range additional 245 kilometers driving range per week.
Sono Motors aims to earn money through the sales of Sion and licensing its innovative technology for use in trucks, trains, buses, and camper vans.
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The U.S. stock market listing could value the company at over one billion U.S. dollars, and it has applied for 'SEV' as the stock symbol.
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The company hopes to start delivering vehicles by 2023, and as of September 30, 2021, over 14,000 reservations have been made on the Sion, with an average down payment of US$ 3,300.
Bottom line
The company could grow rapidly in the future as climate change has become a global issue.
Individuals and governments have become fully aware of the negative impacts of climate change, and innovative products like solar electric vehicles could become mainstream due to this reason. Many governments are reportedly looking to grant subsidies and consumer incentives for purchasing electric vehicles, which could boost the companies in this business.
According to the prospectus filed with the SEC, Sono Motors believes that the regulatory pressure to reduce carbon emissions would decrease demand for combustion engines, and the company will benefit from it.
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The global market size for battery electric vehicles is expected to increase to 58 per cent in 2030 compared to four per cent in 2020.
