Sono Motors has just ended the program for its Sion electric car, to refocus on solar activities dedicated to B2B.
Sono Motors has just announced by Press release, on February 24, 2023, the shutdown of its “Sion” solar car program. It’s not really a surprise. Even though the company had extended its #SaveSion fundraising campaign, and was optimistic about the results, the Sion project was frankly not strong enough to survive.
It is moreover 4 days before the end of the fundraising campaign that the company decided to communicate on the stoppage of the work of Sion, to refocus on its other solar activities. What will happen next for Sono Motors?
How do I get my deposit refunded for a Sion?
In its press release, Sono Motors states: Regarding Sion reservations, with deposits made before the #savesion campaign, the company announced a repayment plan in installments, including a bonus over the next two years. »
Customers wishing to obtain a refund of their deposit must log in to their account on the Sono Motors website to request it. The first repayments are scheduled for the beginning of May 2023 and will be spread over two years, according to the following schedule:
- End of May 2023: 30% of the amount of your deposit in a first payment;
- End of June 2024: 40% of the deposit will be refunded;
- End of January 2025: the last 30 percent are paid out along with a 5% bonus.
The customer also has the option of waiving the reimbursement, total or partial, of his deposit to support the company in its mission to develop solar mobility.
Sono Motors also said it is not recovering payment commitments made during the #SaveSion campaign. Customers who participated in the crowdfunding campaign do not have to submit a refund request.
300 employees made redundant at Sono Motors
The Sion solar car project was certainly too ambitious. It mobilized 90% of the company’s financing. The closure of this activity will force the company to part with 300 employees, whose missions cannot be kept in the company.
The company will now focus on developing its solar technology for third-party vehicle fleets. The first step will be the introduction of the next generation of its “solar bus kit” solution scheduled for the second quarter of 2023.
Failing to find investors to support the solar car project within the company, Sono Motors Sono intends to sell its Sion program. Sono Motors considers that its Solar Electric Vehicle concept works, and that the latest crash test results made are proof of that. ” Just before entering pre-production, the Sion was poised to become a disruptor in automotive solar technology “, even specifies the press release.
100 million euros would not have saved the company
During our last visit to the Sono Motors website, in mid-February 2023, the progress gauge for the #SaveSion operation had hardly progressed since the announcement of the extension of the fundraising campaign. Sono Motors did not exceed half of its goal.
Even if Sono Motors had obtained the 100,000 million euros from its fundraising campaign, the funds would have quickly been swallowed up in the expenses of putting its car into preproduction. At this level, we are not even talking about being able to deliver the first customers and support for the project.
Brands like Rivian or Vinfast have already spent several billion dollars to produce their electric cars. Without massive investment from an automotive or tech giant, Sono Motors likely would have continued to chase after public funds, crowdfunding campaigns and other fundraising appeals. A situation that is not strong enough to survive over time.
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