It was a difficult decision, according to Laurin Hahn, CEO of Sono Motors. We were forced to react to the ongoing financial market instability and streamline our business despite more than 45,000 reservations and pre-orders for the Sion. A crowdfunding campaign launched by the startup to fund production fell well short of its 104 million-euro target, yielding pledges worth around 50 million euros despite a one month extension.
Sono Motors and Valmet Automotive had signed a seven-year contract to produce 275,000 vehicles at the latter's assembly plant in Uusikaupunki, Southern Finland. The first vehicles were to roll off the assembly line at the end of the year.
Sono Group, the parent company of Sono Motors, has seen its share price drop to 0.62 US dollars since its initial public offering, at a price of 25 US dollars in 2021, according to YLE.