Sono Motors sees “significant revenue growth” in next few quarters

Laurin Hahn, CEO and co-founder of Sono Motors: "We have achieved important operational and commercial milestones throughout the year. These include signing promising partnerships in our solar business and presenting our first Sion Series Validation Vehicles. At the same time, high inflation and rising interest rates as central banks seek to curb inflation have resulted in negative sentiment in the financial markets since our IPO, with many tech companies losing between 50% to 90+% of their respective market cap; shares in mobility tech companies have been particularly hard hit. As a result, financing our capex program through equity has become challenging and highly dilutive for existing shareholders. Given this market backdrop, we are launching a special marketing campaign whereby we will give our customer community the chance to pre-pay the equivalent of 3,500 Sions. Assuming we achieve this goal, the down payments, together with other potentially available funding sources, would be expected to cover the majority of our investment program towards Sion Pre-Series Vehicles production. In parallel, we have made minor changes to our investment plans that in turn have resulted in a planned pre-series production in 2023 and planned SOP in the first quarter 2024. We will also continue to carefully monitor all our operating expenses. As we are now close to our previously communicated year end 2022 headcount target and in light of the deteriorated capital markets environment, we implemented a hiring freeze from November 2022 onwards. In the interim, we expect to continue to sign new contracts, purchase orders and letters of intent for our proprietary solar technology, which we expect to result in significant revenue growth in the next few quarters."