So that they can reach their goal of saving the Sion solar-electric automobile by February 28, 2023, Sono Motors is extending their campaign by one month. The campaign's goal is to raise enough money to cover the cost of the pre-series.
Sono Motors co-founder and CEO Laurin Hahn revealed that the company is in talks with possible investors and believes they can raise the necessary 100 million euros to continue the Sion electric car if the campaign is extended. More than 44,000 bookings have been made for Sion, including about 21,000 private reservations with a down payment (of which more than 1,500 are new private reservations since the campaign's launch in December) and approximately 22,000 non-binding B2B pre-orders.
Even before a production model is made, the solar electric car could be doomed to oblivion if the campaign fails. Since the end of last year, everything at Valmet Automotive in Finland has been up in the air, supposedly for financial reasons, even though series production was originally expected to commence in the second half of 2023 following multiple plan adjustments. The goal of the "#saveSion" reservation campaign is to have 3,500 vehicles reserved by the corporation. However, the backers are expected to cover the entire cost of the automobile upfront in exchange for a €3,000 reduction and priority status on the waiting list. At its current price of 29,900 Euros, the campaign would generate a little over 94,000,000 Euros.
The startup's leaders hope to include the public in shaping the direction of Sion by launching the campaign. Every day we put aside for the future is a day well spent. This is why we've opted to run the campaign longer. We have already met almost 5,000 people across Europe on our tour. There have been thousands of test drives of the Sion electric car, all of which have exposed many people to the vehicle. We just revealed 12 more locations for our upcoming tour. "We owe it to these early adopters to keep going," said Sono Motors co-founder and CEO Jona Christians.
When the campaign began on December 8, 2022, Sono Motors was promoted as a way to pay for a significant portion of the Sion initiative without diminishing shareholders' holdings. If the campaign fails, the company plans to shift its attention to its attractive B2B solar business, which requires far less funding. "We can successfully refocus the company only on the solar sector with our existing and forecast cash of roughly EUR 55 million and other available resources. The future of Sono Motors is not at stake; instead, the future of the Sion is all that matters," the remark said.