IPO-pedia | Next Rivian? German solar EV maker Sono Motors soared 154%
Sono Group is listed on the Nasdaq on November 18th under the symbol SEV. It soared 154.67% in first day of trading, valued at $2.64 billion. Berenberg acted as sole bookrunner on the deal.
Business Overview
Sono Group, founded in 2016, is a Germany-based developer of solar powered vehicles.
The company is in the process of developing and commercializing a disruptive solar technology and intend to use it to create the solar and battery powered vehicle called the Sion.
Sono creates an advanced polymer for solar cell covering material to enable vehicle solar energy charging capabilities.
It expects that in the right conditions in Germany, solar power can add up to 245 kilometers (152 miles) of additional driving range per week.
The Sion is still in the pre-production phase, having introduced its final prototype in January 2021, with plans to launch in 2023. The company has received 16,000 reservations for the Sion, at a net entry price of €23,900. Sono also aims to license and sell its proprietary solar technology to commercial vehicle manufacturers.
Sono Group is also in the process of starting to license and sell the proprietary solar technology to other manufacturers for different use cases, such as buses, trucks, camper vans, trains and even boats, in order to accelerate the transition towards sustainable transportation.
Financial Performance
In 2019 and 2020, the company did not generate any revenue from its operations.
For the six months ended June 30, 2021, it had a loss for the period of €25.7 million, compared to a loss for the period of €9.8 million in the six months ended June 30, 2020.
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Riding the IPO wave, and find the new bull!
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Lucky Me 888 : Mr Golden Sun.. sono shine on me
iSpyderTrader : Everyone is going solar crazy. But every bit that we change can only help our future. May be this concept will help us get to another galaxy in the future.
Mars Mooo iSpyderTrader : Yup, the next generation vehicle will be a spacecraft, and we will move to colonize each and every planet in the galaxy.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Wessex :
Wessex Wessex : powerful
iSpyderTrader Mars Mooo : Very true. The Jetsons here we come. Tesla is already in the works, just have not announced yet.
Mars Mooo iSpyderTrader : At last, we are going to the Mars and Mooooo.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Luowen2021M : good