The Sondors Electric Car Company, founded by Storm Sondors, has closed its securities offering on StartEngine having raised $569,413 from 761 investors. The Reg CF offering was seeking the max amount of $1.07 million.
According to the offering page, investors are receiving common equity at a valuation of $80.4 million meaning they expect the company to be worth more than that amount at some point in the future.
Sondors posted an updated following the closure of the security offering, answering the question of what is next. Sondors stated:
“The truth is, since we didn’t raise the full $1,069,993.44 this round, we won’t be able to complete the pre-series vehicle build with the current funds on hand. However, that doesn’t mean that we won’t get started. Over the next few weeks and months, we promise to be more communicative on our progress than we were when we concluded our first round of funding. Beyond the development of the pre-series vehicle, we are working on some unique projects that purveyors of our EV should find intriguing and that we believe will be beneficial to our current investors.”
A further $15 million is needed to enable the car to go into production, according to the company.
Sondors is looking to compete in the hot e-car market against the likes of the big manufacturers as well as Tesla with a more budget focused vehicle with a slick three-wheel design.
Sondors originally pegged the price of its car at around $10,000 but decided to incorporate a longer-range battery (200 miles v. 50 miles) that apparently jumped the cost per car to over $19,000.
The company expects to sell 3580 cars in the first year and reports approximately 1500 deposits for the first vehicle.
Sondors first got his start in the electric bike world raising funding via pre-sales campaigns. Sondors is leveraging that experience to move into the far bigger e-car market.
As to when the first Sondors Electric Car will roll off the assembly line, the company admits it is hard to tell. It first needs to raise more money to get to that point. Expect another funding round in the near future.
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