Munich-based electric car startup, Sono Motors GmbH, has successfully secured its initial €1 million funding target through its Seedrs initiative from more than 550 investors. The company launched the initiative last month, seeking the funds as it prepares to expand its vehicle line.
As previously reported, the company raised €549,895 on crowdfunding platform Indiegogo last year for its solarcar, Sion, and is now seeking to establish itself as a renowned automobile manufacturer with a focus on alternative drive concepts. Sono describes the Sion as a five-door compact van with a length of 4.11 m. An 80-kW engine enables a continuously variable transmission to reach speeds of up to 140 km/h. It has five seats with the rear 3 collapsible to a flat bench and it has a trailer hitch.
“Our first model will be an innovative electric car called ‘Sion’ with the inclusion of photovoltaics (‘viSono’) in the chassis, a range of 250 km and a retail price of €16,000. In short: an affordable mainstream electric car which provides an array of solutions for the future of emobility and urban transport.”
The company reported that development and production of the SION are expected to be carried out in Europe, in cooperation with well-known, leading contract-manufacturers and automotive system-suppliers. As the campaign’s launch, CEO of Sono Motors, Laurin Hahn, shared thoughts about the company’s previous crowdfunding success:
“We can secure our independence and build the car that people really want. Our crowdfunding campaign in 2016 has shown us what can happen when many people are enthusiastic about an idea. Via crowd investment, we can take the Sion and Sono Motors to the next level.”
Martin Sabbione, CFO at Sono Motors, went on to add:
“Investors have different options to support Sono, either by providing debt or equity, depending on their personal preferences. By joining our campaign, participants can grow with us and profit from our success, in a fair, transparent and sustainable manner.”
The campaign is set to close later this fall.
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