#5 (EN): Youtube Live 2022, Press release & Newsletter
Have a nice Sunday. Communication from Sono was quiet for a long time, but now some news finally emerged. It started on Friday evening at 22:39 with an email titled "New file uploaded to Nasdaq portal - FORM 6-K". Then on Saturday a newsletter. Today there is a lot of information.
+++ YOUTUBE LIVE +++
Set your alarm, Thursday next week is the day. A Youtube Live from Sono about the Design Freeze. Live from Munich, 19:00 CET. If you look at the image on the waiting screen at youtube you can already see the new charging flap.
https://www.youtube.com/watch?v=0nuWuztcM64
Here is the slido link to post some questions if you have some:
https://app.sli.do/event/6UM23ZZHXDZqxgGadF4HkR
The video is in english this time.
+++ Mandatory Stock Exchange Notice (6-K) +++
Sono is listed on NASDAQ and is required to provide regular updates. On Friday, there was a mandatory announcement ("6-k") for the first time. Read for yourself, these points stand out:
SVC3
"To enhance quality, testing and speed of the development, Sono Motors has engaged thyssenkrupp and Bertrandt to build the first Sion series-validation vehicles (generation 3) closer to Sono Motors' headquarters in Munich. When series production begins, the company still expects such construction to occur in Sweden."
Also of interest: by the way, Bertrandt has also been looking for new employees in Munich for customer projects since Thursday. We don't know if that goes together, though.
Hardware engineer (m/f/d) for high-voltage storage control units:
And a brand new powertrain test facility has just been opened in Freising:
Change in the Supervisory Board
"Mr. Wilko Stark was recently appointed to the board of directors of Levere Holdings (a NASDAQ listed special acquisition company (SPAC) to power the future of mobility). In connection with this appointment Mr. Stark has informed the Company of his decision to resign as Chair and member of Sono Motors’ Supervisory Board, effective as of 27 January 2022. Sono Motors’ Supervisory Board has appointed Martina Buchhauser as the interim Chair."
Congratulations to Wilko for this new director position.
https://ir.sonomotors.com/corporate-governance#idm-tab-block-03
Fresh capital
Cash position at year-end 2021 was €133 million. As was previously highlighted in the Company’s prospectus, filed with the SEC on 18 November 2021, to commence series production of the Sion, the Company will need to raise significant additional capital.
New employees
The number of employees has risen to 210 at the end of 2021, an increase of 20%. The employees now come from 30 different countries.
Almost 4,000 more reservations than a year ago
According to the Sono website, there are currently 16,722 reservations as of Jan. 1, 2022, which is about 31% more than at the end of 2020. It sounds like a surprisingly large number, but it is.
According to Sono, almost 4,000 new reservations have been made since last year. The reason was, of course, the discount campaign ("Sion at the old price") and the IPO along with increasing awareness about the product in the general public. The average down payment is now €2,500.
https://sonomotors.com/en/about-us/
And here the complete press release:
https://ir.sonomotors.com/news-releases/news-release-details/sono-motors-corporate-update
+++ NEWSLETTER +++
A new newsletter was published from Sono. Most of it was already known to us, of course.
What is new is that the first production validation vehicles (Gen 3) will be built with partners, but not in Sweden at the NEVS facility. Based on the NASDAQ announcement, we also know the partners are ThyssenKrupp and Bertrandt. From the CNN video with Julia Chatterley last week, we know NEVS is on the team too.
https://mailchi.mp/sonomotors/sono_live_de-523488
+++ Partner news +++
NEVS
News from Trollhättan is expected for the first quarter on how to proceed. There seems to be a change of ownership, away from Evergrande. We can only keep our fingers crossed.
https://saabblog.net/2022/01/27/nevs-bewegt-sich-in-richtung-eigentuemerwechsel/
Yesterday night the SAABBlog added another tidbit of information, and dealt specifically with Sono and NEVS. Partly critical, but also with a touch of hope.
https://saabblog.net/2022/01/28/die-stunde-zum-einstieg-sono-group-n-v-aktie-im-tiefflug/
Sibros
Sibros is Sono's partner for connectivity and updates. Now Sibros has raised another $70 million, including partnering with Lightyear, the premium solar car startup from the Netherlands:
+++ SEV FACTOR +++
Small word of caution, the following information is exciting, but I could not verify it. There are many mentions on the web that are all similar in wording, but they all trace back to a LinkedIn posting. This is the news:
While Germany is still promoting plug-in hybrids, the Dutch are already two steps ahead. There is a new subsidy for solar electric vehicles! The tax deductible incentive is titled "Solar Electric Vehicle Factor", the more kilometers you can charge in a year via integrated solar and not from the grid, the more you can claim for tax reduction. Up to 1000 km per year there is almost nothing, 5,000 km is the maximum rate.
There is also a standard test to determine the solar range, comparable to a WLTP cycle. I could not find out more, but I am definitively on it.
Source: https://www.linkedin.com/feed/update/urn:li:activity:6886584430413062144/
The formula is so simple, this could also be something on the European level.
The Dutch are doing a lot of things right now, fortunately they can't play soccer as well.
It's good that Sono has already sold 100 Sion to the Netherlands and that Lightyear is a Dutch company.
+++ FUN FACT +++
In 2020, Elon Musk had announced an entry-level Tesla for $25,000. Last Thursday, Elon cancelled the project (again). Tesla had "more important things to do", the development of a "human-like robot" and to scale the existing products.
https://electrek.co/2022/01/27/tesla-not-working-25000-electric-car-elon-musk/
No matter what happens, times are exciting. See you on Youtube on Thursday. Stay well.
Sebastian, Astrid, Andreas, Wolfgang.