Sono Group N.V. - SEV STOCK NEWS

On February 24, 2023, Sono Group N.V. (NASDAQ: SEV) announced a strategic shift to focus solely on its solar business for B2B customers, leading to the termination of the Sion passenger car program. This decision reflects a significant change in the company's operations, resulting in the immediate resignation of four supervisory board members, including Chair Martina Buchhauser and Vice-Chair Robert Jeffe. Co-CEO Jona Christians expressed gratitude for their contributions. The company is now seeking new supervisory board candidates and plans to hold a general meeting of shareholders for appointments, but no supervisory board committees will exist until replacements are made. Sono Motors aims to revolutionize mobility by integrating solar technology into various vehicle types, minimizing CO2 emissions.

Sono Group N.V. (NASDAQ: SEV) announced on March 20, 2023, that it received a notification from Nasdaq regarding its common shares trading below the $1.00 minimum bid price for 30 consecutive business days. The company has until September 18, 2023, to regain compliance or may qualify for an additional 180-day grace period. If the share price reaches $1.00 for at least 10 consecutive business days, the compliance matter will be resolved. Previously, shareholders approved a reverse stock split proposal, which could be utilized if necessary to meet listing requirements.

Sono Motors (NASDAQ: SEV) has announced a purchase order with a second major automotive manufacturer for solar body panels, aiming to integrate solar technology into vehicles. This order brings the total number of customers and partners for Sono's solar technology to 25, a significant increase from 10 at the time of its IPO 15 months ago. The company's solar technology enables grid-independent charging and lowers operating costs for electric vehicles. Sono Motors is focusing on retrofitting vehicles in four industries: passenger cars, buses, refrigerated vehicles, and recreational vehicles.

Sono Motors (NASDAQ: SEV) has decided to pivot its business model, focusing exclusively on solar technology for B2B customers by terminating the Sion passenger car program. This strategic shift aims to streamline operations and reduce costs, as the Sion program represented 90% of funding needs for 2023. The company has already secured 23 customers for its solar technology and received €1.46 million in funding from the EU. Additionally, Sono Motors plans to implement a significant cost reduction, including the redundancy of approximately 300 employees, while developing new products such as the Solar Bus Kit.

On February 7, 2023, Sono Motors (NASDAQ: SEV) announced successful initial crash test results for its solar electric vehicle, the Sion. The test revealed the vehicle's solar panels did not splinter during a 50 km/h frontal crash, indicating high safety standards and robust solar integration. All Sion vehicles will include advanced driver-assistance systems (ADAS) features at no extra cost, with a projected base price of approximately €25,000. Sono Motors aims to implement over-the-air updates, including adaptive cruise control. The company is conducting extensive tests to ensure compliance with safety regulations.

Sono Group N.V. (NASDAQ: SEV) has successfully raised over €47 million since early December 2022 through its #savesion campaign, backed by more than 8,600 community members. This extension targets a goal of €105 million to support the development of the Sion, an affordable solar electric vehicle. The campaign has resulted in approximately 22,500 total reservations, with over 1,500 new deposits added during this effort. Additionally, Sono has secured €1.46 million from the European Climate, Infrastructure, and Environment Executive Agency to advance its solar technology. The company aims to begin pre-series production of the Sion in summer 2023, contingent upon reaching the funding goal.

Sono Group N.V. (NASDAQ: SEV) has secured €1.46 million in funding from the European Climate, Infrastructure and Environment Executive Agency (CINEA) for its SEAMLESS-PV project, aimed at developing cost-efficient automated photovoltaic (PV) manufacturing. The company has already received €532,441 of this funding and continues its #savesion campaign, which has garnered approximately €45 million in commitments. Sono Motors has now filed or been granted 50 patents, with 42 focused on its proprietary solar technology, establishing its leadership in solar innovation.

Sono Motors (NASDAQ: SEV) is advancing its solar electric vehicle, the Sion, with significant testing and production milestones. The company confirmed its solar charging capability, achieving 28 km of solar range per week during winter tests, and expects an annual yield of 5,800 km. Durability testing is ongoing in Spain, simulating 150,000 km of usage. The Sion successfully surpassed WLTP range targets of 305 km and is on track for pre-series production in summer 2023. Additionally, the vehicle-to-vehicle charging technology was tested, confirming a bidirectional output of 8 kW AC. Production trials using series tooling have begun, marking progress toward commercialization.