Sono Motors, a German electric vehicle (EV) maker, has extended its #savesion campaign, which aims to raise €105m for the development of its solar-powered EV, the Sion. The campaign, which began on 8 December 2022, was set to end on 28 February 2023, but has now been extended to give more people the opportunity to invest.
Since the start of the campaign, over 8,600 community members and other sources have committed over €47m to the effort. Prior to the campaign, Sono Motors had already received 21,000 private reservations with advance payments. However, during the campaign, the company received an additional 1,500 new private reservations with deposit commitments.
As a result of the campaign’s success, Sono Motors also announced 12 additional stops for the Sion tour, which has already enabled around 5,000 people in 13 European cities to experience the vehicle firsthand.
“Our plan to send a clear signal to both the market and investors through growing reservations, payment commitments, and additional sources of almost €50 million seems to be working. We are in ongoing talks with potential investors and believe that the campaign’s extension positions us to reach our target of approximately €100 million and proceed with the Sion program. The engagement of thousands of Community members has proven the market demand for the Sion once again. The determination we feel from the thousands of calls, emails, and personal interactions with the Community, combined with the inquisitive feedback of numerous potential investors, empowers us to continue both the campaign and our fight for the Sion – our affordable, climate-friendly and unparalleled mobility solution,” says Laurin Hahn, co-founder and CEO of Sono Motors.
The company has also secured €1.46m in grant from the European Climate, Infrastructure and Environment Executive Agency (CINEA) to advance the development of its proprietary solar technology, further evidencing the company’s in-depth technological expertise and knowledge.
Despite the campaign’s progress, the company has also made significant progress on its testing and series-validation program for the Sion, remaining on track to start pre-series production in the summer of 2023.
If the €105m goal is not achieved, Sono Motors currently intends to halt the development of the Sion and will instead focus on its solar technology business, which is significantly less capital intensive.
The #savesion campaign highlights the unique position of Sono Motors as a true community brand, with thousands of individuals investing in the company’s vision of an affordable solar-powered EV. The extension of the campaign and additional tour stops provide an opportunity for even more people to get involved and support the company’s mission.
