Sono motors commits to focus exclusively on solar tech company, and has terminated the sion program
Munich, germany, feb. 24, 2023 (globe newswire) -- the solar mobility solutions provider sono group n.v. (nasdaq: sev) (“sono motors” or the “company”) today announced that it decided to pivot its business model to exclusively retrofitting and integrating its solar technology onto third party vehicles, and to terminate its sion passenger car program (‘sion program'), effective today. the company's solar solutions, including hardware such as power electronics and software, are already in application today, with 23 b2b customers across europe, asia, and the united states piloting sono motors' integrated solar technology on a variety of vehicles, including third-party oem cars, buses, refrigerated vehicles, and recreational vehicles. fleet operators can benefit from integrating sono motors' technology to save fuel, costs, and co2, thereby contributing to the fight against climate change through a reduction in greenhouse gas emissions. termination of the sion program reflects a decision to focus on a capital-light business model – an estimated 90% of the funding needs for 2023 were generated by the sion program – in light of depressed capital market conditions. given the resource-intensive nature of the sion program, including personnel requirements, the company is now implementing a significant cost reduction program.
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