The company will pivot its business model to “exclusively retrofitting and integrating its solar technology onto third party vehicles.” Sono Motors says the termination of the Sion program reflects a decision “to focus on a capital-light business model in light of depressed capital market conditions.”
The Sion solar EV placed a heavy burden on the company’s budget since an estimated 90% of the funding needs for 2023 were generated by the solar passenger car project.
The Munich-based company noted that it is now implementing a significant cost reduction program. In this context, Sono Motors plans to lay off approximately 300 employees.
“Even though we had to terminate our original passion project, shifting our entire focus to business-to-business solar solutions provides us with an opportunity to continue to create innovative products in the solar space.”
… “It was a difficult decision, we were compelled to react to the ongoing financial market instability and streamline our business”, said Laurin Hahn, co-founder and CEO of Sono Motors.
Mercedes-Benz AG and Google have struck a long-term partnership designed to give the German automaker control over its IP and marketplace while offering drivers navigation, maps and YouTube provided by the tech giant.
The Renault-Nissan Alliance will bring new models to Europe, but it also has the potential to reshape fundamental operations such as finance, distribution, retail and end-of-life disposal of cars.
Torc Robotics, an independent subsidiary of Daimler Truck AG and a pioneer in commercializing self-driving vehicle technology, announced today that it has signed an agreement to acquire Algolux.