This electric car manufacturer files for bankruptcy!

Many global car manufacturers are facing the challenge of transitioning to electric cars, with some even facing bankruptcy as a result. Despite the common belief that smaller manufacturers would struggle the most, even industry giants like Volkswagen are finding it difficult to sell electric cars. While larger companies may have financial stability to fall back on, this is not the case for everyone.

One such example is Sono Motors, a relatively unknown German brand, which had ambitious plans for its innovative electric car, the Sion. The Sion was designed to be covered with solar panels and offered at a price of around €25,000, aiming to be the most affordable solar panel electric car in the world. The car was equipped with a 163 horsepower electric motor and a 54 kWh battery, providing up to 305 km of autonomy, with additional solar energy generating an average of 112 kilometers, and up to 245 kilometers in ideal conditions. The Sion had received nearly 20,000 reservations by July 2022, showing promising potential.

The Downfall of Sono Motors

Despite the initial success, Sono Motors ultimately announced the end of the project due to lack of funding. This decision resulted in a major setback for customers who had pre-ordered the Sion and had collectively paid a total of €44 million in deposits. Now, facing bankruptcy and unable to fulfill customer orders, the company’s value plummeted from $2.6 billion in 2021.