Sono Motors has axed its solar-charged electric car, the Sion, after failing to crowdsource enough funds to rescue the project.
The German start-up appealed to investors and prospective buyers for further funding through Sion deposits on 8 December, admitting that it had failed to raise enough money through conventional means.
Sono set a target of 3500 additional reservations. Having failed to reach that milestone, it now plans to sell the car’s development program to “any interested third parties”. This includes all of the relevant intellectual property, including hardware, software and contact information for suppliers.
Around 90% of Sono’s funding requirements for 2023 came from the Sion program, the company said in a statement, and sufficient investment proved difficult to attract as the global economy weakened.