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Campaign Is Extended For a Month Until 28 February 2023 As Talks with Potential Investors Progress
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As of Today, More Than €47 Million Committed From Over 8,600 Community Members And Additional Sources
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Europe-Wide Tour with More Than 5,000 Visitors – Sono Motors Announces 12 Additional Sion Tour Stops
MUNICH, Germany, 26 January 2023 – The Munich-based solar mobility solutions provider Sono Motors (subsidiary to Sono Group N.V.; NASDAQ: SEV) today announced the extension of its #savesion campaign as talks with potential investors progress.
“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 ongoing #savesion campaign underscores the uniqueness of Sono Motors as a true community brand. As of today, Sion reservations, which total more than 44,000, include ~21,000 private reservations with deposit, over 1,500 new private reservations with deposit commitment made to date during the course of the campaign, and ~22,000 non-binding B2B pre-orders. These reservations and pre-orders are potentially equivalent to a net sales volume of about €1 billion, assuming that all result in sales. The more than 1,500 new private reservations for the Sion since the start of the campaign in December 2022 contribute to the biggest month-over-month increase in B2C reservations since the Company went public. The campaign began on 8 December 2022 and will now be prolonged for a month until 28 February 2023, in line with the framework of the terms and conditions.
Jona Christians, co-founder and CEO of Sono Motors, adds, “every single day invested in the future is worthwhile and that is why we made the decision to extend the campaign. We have already met more than 5,000 people in 13 different cities on our European-wide tour with thousands experiencing the Sion first hand in test drives and we just announced 12 additional stops to come. We owe it to these pioneers to not give up yet. We owe them more time to activate even more people eager to revolutionize mobility. It is up to all of us now to fight. Fight for the Sion, fight for the future and fight for a world without fossil fuels.”
Shortly prior to this announcement, Sono Motors secured €1.46 million in funding from the European Climate, Infrastructure and Environment Executive Agency (CINEA) to advance the development of the Company’s proprietary solar technology, further evidencing the Company’s in-depth technological expertise and knowledge.
During the campaign, the Company has also significantly progressed in the testing and series-validation program of the Sion. It is technologically on a fast track to start pre-series production, which is planned for the summer of 2023. Crash tests began in Italy this week.
NOTE
The above-mentioned CINEA funds will be strictly used only for SEAMLESS-PV project activities as agreed with the project partners and the European Commission and won’t be used in any other activities.
Reservations can only be made by persons located in 27 European jurisdictions. We do not accept reservations from persons located in any other country. We also do not accept reservations from U.S. persons. This document is for information purposes only. This press release is not for publication or distribution, directly or indirectly, in or into the United States of America.
This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the company and management, as well as financial statements.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements. The words “expect”, “anticipate”, “intend”, “plan”, “estimate”, “aim”, “forecast”, “project”, “target”, “will” and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the Company’s intentions, beliefs, or current expectations. Forward-looking statements involve inherent known and unknown risks, uncertainties, and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. These risks, uncertainties and assumptions include, but are not limited to (i) the impact of the global COVID-19 pandemic on the global economy, our industry and markets as well as our business, (ii) risks related to our limited operating history, the rollout of our business and the timing of expected business milestones including our ability to complete the engineering of our vehicles and start of production on time and budget and risks related to future results of operation, (iii) risks related to our unproven ability to develop and produce vehicles and with expected or advertised specifications including range, and risks relating to required funding, (iv) risks related to our ability to monetize our solar technology, (v) risks relating to the uncertainty of the projected financial information with respect to our business including the conversion of reservations into binding orders, (vi) effects of competition and the pace and depth of electric vehicle adoption generally and our vehicles in particular on our future business and (vii) changes in regulatory requirements, governmental incentives and fuel and energy prices. For additional information concerning some of the risks, uncertainties and assumptions that could affect our forward-looking statements, please refer to the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov and on our website at ir.sonomotors.com. Many of these risks and uncertainties relate to factors that are beyond the Company’s ability to control or estimate precisely, such as the actions of regulators and other factors. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. Except as required by law, the company assumes no obligation to update any such forward-looking statements.
