This company is the parent company of Sono Motors, which is developing one of the world’s first solar electric vehicles (SEVs) - the Sion.
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I like this idea. I would say it’s worth buying a few shares and waiting a few years. Once petrol and diesel cars stop being in use, these are the type of companies that have a possibility to take over the market
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Great company message and ethos, looking forward to seeing it grow and hope it succeeds in delivery the first affordable solar EV.
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With the prices of petrol going the way they are, I can imagine people turning to alternatives such as solar powered cars.
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Yeah im gonna preorder one of these and definitely invest more now its massivly cheaper than it was, i can see this being the first affordable solar car and even for a short term before someone else makes a beter version IF that happens they will have the monopoly and have great ethos, morals and bussiness behind the company im more than comfortable supporting these with 1 of my few investment spots.
I like the look of this company. One of my biggest converns about buying one of their vehicles would be the proprietor parts and ease of care and repairs… i dont know of any garages near me that do solar panel work.
I don’t think you’d need a garage. Just a solar specialist. It’s the same mechanism just the machinery being a car
It seems Sono is a step closer to production. One of the few looking to start production asap.
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Always been wishing Sono succeed but it’s going to be tough to reach profitability with their (necessary) price point considering they won’t have any of the ancillary charging revenue other companies will. Also need to raise another $100m at least by my calculations. When I flicked through their prospectus I wondered how important their B2B panel stuff will be - seems like it would gain traction in the current energy environment but I know Sunpower also sell flexible PV and it’s hard to know how to compete against companies that size when it’s focused on producing a car.
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@dk1 What ancillary charging business do your refer to?
Yes, they need an extra $100m. Back in June they set up a $150m equity facility which has not yet been executed (link below). This is good because obviously they´ll get the funding required to start production. I guess it´s bad for existing shareholders because of the dilution effect this will create.
For example Tesla has its supercharger network, others have partnerships for public charging. Sono is slightly unique in that their product is not really meant for public charging.
And yes that was one of the main reasons I stayed out. But their final production model looks very polished so hopefully they can make it to volume from here.
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Interesting Q2 results today.
Disclosure: I have a small ( speculative ) holding.
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That is way, way, way less of an issue than you’d think it to be.
Do some research & you will see that replacement parts can be 3d printed & the solar isn’t rigid like the ones on roofs.
They will connect up much in the same way every car houses electrical connectors for radios, aircon, lighting systems etc. There will be no need for solar panel specialists.
Car companies having charging sections is extremely rare. Outside Tesla, where are all the other huge car manufacturer networks?
Sono like most electric car producers will offer a charger install product because despite it having solar panels, the car will still need conventional charging, just less regularly for many. Plus, with its reverse loading potential, to supply power will necessitate a charger with the ability to handle incoming energy, so their product will desired by owners.
Erm, I think you will find that it is designed for use on public charging networks, it is just not solely dependent upon them.
IONITY is a JV between VW, Mercedes, Ford, BMW and now Hyundai. VW also owns Electrify America. Hyundai, NIO in Asia. BYD even manufactures their own chargers. So I wouldn’t say its that rare.
The Sion is a contract manufactured budget vehicle all about simplicity in general, which means they will have to make a profit from trimming down development costs+capex and maximising volume. I don’t expect an expensive refresh every 4 years for example. I don’t doubt that its possible for them to break even, just that it will be difficult.