This is a tough step for us. We will restructure significant parts of Sono Motors. Of the current more than 400 employees, only about 110 will continue working for Sono Motors. The Sion program has been terminated and we intend to sell it. We will focus on our commercial B2B solar solutions such as the Solar Bus Kit, which we have been testing with some key partners since the middle of last year.
Frequently Asked Questions
Below we’ve put together the most important information regarding Sono Motors. You can catch up on the latest news in our newsletter – feel free to subscribe here.
We have a well-filled order book and see increasing demand for our solar technology. The business model is "asset light" (90% less capital required in 2023 compared to the Sion Business Plan) and offers interesting margins. We are already generating revenues. We plan further capital increases in the future to strengthen Sono's liquidity and to be able to repay you all down payments.
Our repayment plan includes three installments.
1st installment: 30% of your down payment until May 2023
2nd installment: 40% of your down payment until June 2024
3rd installment: 30% of your down payment until January 2025
We will pay a one-off voluntary bonus of 5% with the last installment. We reserve the right to refund your deposit early.
First, we will terminate a majority of our employees as well as all Sion suppliers as well as service providers in order to reduce the running costs as soon as possible.
Our repayment offer will be sent to all reservation holders, which can then be accepted online.
We will also start the next financing round to provide Group Solar with a sufficient financial buffer.
We will then structure the solar division in such a way that the team can smoothly transition and continue to work on the existing projects.
Yes, your current T&C will remain in place regardless of the discontinuation of the Sion program.
However, we offer a payment plan. By accepting this payment plan, you agree to new terms and conditions which will replace your current ones.
As Sono Group N.V. will remain listed on NASDAQ, there will be no changes for shareholders, incl. Seedrs and former subscribers of convertible and subordinated loans. The Sono Group N.V. shares remain unaffected by the restructuring.
Every euro that our reservers give up helps us to expand the solar business and realise our mission. You can actively help us realise our vision of a world without fossil fuels.
Thank you for your offer. There are several things you can do:
- Accept our repayment plan and if you can, waive part of your down payment. This will help us achieve our mission of solar on every vehicle.
- Tell our story. Don't let the naysayers get the upper hand. Fight against the climate crisis, stand up for a climate-friendly future, for innovation in Germany. For a world without fossil fuels.
The Sono points were linked to the successful delivery of the Sion and would have been distributed upon conversion of your reservation into a purchase contract and a corresponding payment or offsetting of your advance payment against the purchase price. As we are now discontinuing the Sion program, this will unfortunately no longer happen and therefore the Sono points will also expire with immediate effect.