Germany’s Sono Motors has exceeded its target of raising 50 million Euros via crowdfunding. The capital will primarily be invested in production facilities for prototypes of its first solar electric vehicle (SEV): the Sion.
The public campaign followed a strategic reorganization of the Munich-based company’s finances.
In a press release to launch the crowdfunding campaign, Laurin Hahn, CEO and Co-founder of Sono Motors, stated: “Aggressive growth and quick profits are difficult to reconcile with a sustainable corporate and vehicle concept which is designed to give access to affordable and eco-friendly electromobility throughout. In addition, providing start-ups that have a capital-intensive business model with venture capital does not work in Germany, neither in the initial stages nor at the growth stage.”
Jona Christians, CEO and Co-founder of Sono Motors added: “We are now focusing on continuing to fund our innovative vehicle concept together with people who want to see the Sion on the road. Together with a community that asks for a company which acts responsibly, critically questions itself and can be judged honestly on the basis of the statements it makes.”
Previously, Sono Motors has stated that it aims to manufacture a total of 260,000 EVs with renewable energy in Sweden.