How AI, Robotics And Data Are Revolutionizing The Industry
We are seeing rapid evolution in the sector as key trends and innovations are reshaping how companies operate in 2024 and beyond.
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.
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