Sono Motors Announces Progress on the Community Campaign

MUNICH, Germany, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The solar-mobility OEM Sono Group N.V. (NASDAQ: SEV) (“Sono Motors” or the “Company”) announces that in line with its previously communicated special marketing campaign, the Company has received payment commitments from its customer community worth approximately €40 million as of 10 January 2023.

The campaign was launched on 8 December 2022 and is expected to last until the end of January 2023. It presents a non-dilutive solution for funding the majority of Sono Motors’ investment program until the next important milestone - the pre-series vehicle production of Sono Motors’ solar electric vehicle, the Sion.

As part of the campaign, Sono Motors is holding a series of community events and media presentations and is offering Sion test drives across Germany, Switzerland and Austria. Following presentations already held in Berlin, Hamburg, Amsterdam, Frankfurt and Stuttgart, among others, Sono Motors will host a Tech Day in its Munich headquarters, as well as several upcoming events in Bern, Zurich, Innsbruck and Vienna.

Due to the high level of interest in the Sion, the Company received approximately 1,200 new business-to-consumer (B2C) reservations for the vehicle since the start of the campaign – contributing to the biggest month-over-month increase in B2C reservations in December 2022 since the Company went public.

“Our focus remains on bringing the Sion into production in early 2024 as we further execute our mission of revolutionizing mobility by making every vehicle solar,” says Laurin Hahn, CEO and co-founder of Sono Motors.

NOTE

Reservations can only be made by persons located in 27 European jurisdictions. We do not accept reservations from persons located in any other country. We also do not accept reservations from U.S. persons. This document is for information purposes only.

ABOUT SONO MOTORS

Sono Motors is on a pioneering mission to accelerate the revolution of mobility by making every vehicle solar. Sono Motors’ disruptive solar technology has been engineered to be seamlessly integrated into a variety of vehicle architectures — including buses, trucks, trailers, and more — to extend range and reduce fuel costs as well as the impact of CO2 emissions, paving the way for climate-friendly mobility.

The Company’s trailblazing vehicle, the Sion, has the potential to become the world’s first affordable solar electric vehicle (SEV) for the masses. Empowered by a strong global community, Sono Motors has approx. 21,000 reservations with advance down-payments for the Sion as of 30 November 2022.

PRESS CONTACT

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FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements. The words "expect", "anticipate", "intend", "plan", "estimate", "aim", "forecast", "project", "target", “will” and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the Company's intentions, beliefs, or current expectations. Forward-looking statements involve inherent known and unknown risks, uncertainties, and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. These risks, uncertainties and assumptions include, but are not limited to (i) the impact of the global COVID-19 pandemic on the global economy, our industry and markets as well as our business, (ii) risks related to our limited operating history, the rollout of our business and the timing of expected business milestones including our ability to complete the engineering of our vehicles and start of production on time and budget and risks related to future results of operation, (iii) risks related to our unproven ability to develop and produce vehicles and with expected or advertised specifications including range, and risks relating to required funding, (iv) risks related to our ability to monetize our solar technology, (v) risks relating to the uncertainty of the projected financial information with respect to our business including the conversion of reservations into binding orders, (vi) effects of competition and the pace and depth of electric vehicle adoption generally and our vehicles in particular on our future business and (vii) changes in regulatory requirements, governmental incentives and fuel and energy prices. For additional information concerning some of the risks, uncertainties and assumptions that could affect our forward-looking statements, please refer to the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at and on our website at ir.sonomotors.com. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as the actions of regulators and other factors. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. Except as required by law, the company assumes no obligation to update any such forward-looking statements.