Craig-Hallum downgrades Sono Group to Hold, lowers price target to $1

As previously reported, Craig-Hallum analyst Eric Stine downgraded Sono Group to Hold from Buy with a price target of $1, down from $4. With its #saveSION program unsuccessful, Sono Motors has made the tough decision to sunset its plans for its Sion EV, the firm says. Craig-Hallum points out that this was really its only option as it now plans to focus solely on its solar technology business where it has been making steady traction with 23 partners globally, including numerous LOIs and purchase orders. What this means now is a reduction in headcount, and a meaningful reduction in capital needs, but also the need to repay the reservations and pre-payments that had been taken for the Sion over the last several years, the firm notes.