EV maker Sono Motors in distress, puts hopes on crowdfunding: Page 2 of 2

December 02, 2019 // By Christoph Hammerschmidt
EV maker Sono Motors in distress, puts hopes on crowdfunding
E-car startup Sono Motors (Munich, Germany) has radically changed its financing concept: Because of apparent differences with the current investors, the company now plans to rely on crowdfunding. The manufacturer of electric vehicles has set itself an ambitious goal: By the end of December, €50 million need to be collected. 2000 reservations are necessary for this.

Due to the high capital requirements of the company, international investors have played a central role in the financing strategy - as in practically every start-up company. However, negotiations with multiple partners have shown that Sono Motors' corporate strategy is difficult to reconcile with the interests of traditional investors. "A departure from the vision, the migration of technology and patents, and ultimately the end of Sion's forward-thinking concept would have been the result," the company says in a press release. The decision against the continuation of the previous strategy and the corresponding termination of these talks will postpone the production of the first vehicles until September 2021.

"Over the past few months, we have seen time and again that our goals are completely at odds with those of traditional financial investors," says Laurin Hahn, CEO and co-founder of Sono Motors. "Aggressive growth and rapid profits can hardly be reconciled with a sustainable corporate and vehicle concept that aims to provide broad access to affordable and climate-friendly electric mobility".

More than 10,000 reservations have already been made for the electric car. With the launch of the campaign, the company founders will contribute their profit shares to a community pool and transfer future profits to the existing reservers of a Sion. However, they retain the voting rights in the company. The founding team currently holds 74 percent of the company's shares.

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