2021 Business Highlights
Grew B2B solar integration client base, with more contracts and offers from various OEMs and fleet owners across various transportation sectors. In Q4 2021, we delivered our first solar-powered light-electric vehicle prototype to ARI Motors and installed the first RV solar retrofit for a client in the U.S.
Opened our dedicated development center for the B2B solar business. Specialists use bespoke equipment and test facilities to enhance speed for all solar projects.
Launched Gen 2 prototypes at CES and used those vehicles for intensive development, the completion of first winter & summer tests, continued engineering and over 1,000 customer test drives, bringing the total test drive number to more than 18,000 customers so far.
The vast majority of Sion sourcing decisions were made by year-end 2021.
The launch of the Sono app on 6 December 2021 enabled Sono Motors to expand its app beyond the Sion. The aim is to gather more data and customer feedback for incremental development of the service. Sono Motors provides an in-app booking and payment system as well as additional insurance if required. The app allows users in Germany to share their car – not just the Sion – via community car sharing with friends, family, and neighbors.
By the end of 2021, 231 people of over 30 different nationalities were employed at Sono Motors. This represents an approximate team size increase of 120% over the year. This number increased to 267 people by the end of Q1 2022.
Sono Motors delivered its innovative solar technology to several customers including Munich’s public transport provider MVG. Our solar bus retrofit solution can reduce local CO2 emissions by over 6.5 metric tons per year, per vehicle. Further benefits include fuel savings of up to 2,500 liters of diesel per vehicle, per year, the stabilization of energy supply, the extension of the 24V battery life, and reduced maintenance costs.
Increased solar integration B2B partner arrangements to 17 by 31 March 2022, compared to 2 at the start of 2021.
Signed binding term sheet with Valmet Automotive as an experienced contract manufacturer for the Sion. As of today, Valmet Automotive has produced over 1.7 million cars for brands like Mercedes, Porsche, and SAAB. Valmet Automotive will build the Sion at its plant in Uusikaupunki, Finland, and will provide the capacity to produce 257,000 vehicles over a seven-year period. This cooperation marks another milestone toward delivering the Sion to our growing Community.
Build of a fleet of 37 series-validation vehicles and Bodies in White is currently underway, ushering in the Sion’s testing program. These cars consist of series components and correspond to the planned final design. This was established in Q1 2022, alongside completing the 2nd generation prototype program, as well as the accompanying definition of components and vehicle parameters. The fleet will be used for series validation, optimization, homologation, and crash tests.
Significant progress has been made on Sion’s User Interface and User Experience Design (UI/UX) by integrating payment processes, insurance booking and Salesforce, Google, and SAP within the backend infrastructure for a fully digital customer experience.
ESG activities include progress towards offsetting activity-based value chain emissions, and our participation in the Time for Climate Action campaign prior to Earth Day on 22 April 2022, and our first full year (2021) of operations with first local impacts within the Fair Cobalt Association.
Commenced monetizing the proprietary solar technology – several public transport buses have been equipped. Retrofitting of a boat and refrigeration trucks is ongoing.
Sono Motors amassed over 16,700 direct consumer reservations by year-end 2021. Reservations increased by nearly 4,000 in 2021, equivalent to a 31% y-o-y increase.
As of 31 March 2022, the Sion has over 17,000 reservations with an average down payment of €2,390 net and equivalent net sales volume of € 368 million, assuming that all reservations result in sales.
Cash and cash equivalents of €132.9 million as of 31 December 2021, demonstrating an increase of 206.9% compared to year-end 2020 (€43.3 million).
Loss from operations totaled €59.2 million (2020: €53.9 million). Net loss totaled €63.9 million and €1.07 loss per share (2020: €56.0 million and €0.97).
€16 thousand revenues generated, thereof €11 thousand from integrating our proprietary solar technology.
OpEx increased mainly due to intensified development of prototypes and general company growth.
Cash in the bank increased by €90 million in 2021, mainly driven by IPO (cash-in of €142 million).
Increase of €4 million in advance payments received from customers.
Conference Call Information
Sono Motors will host a webcast for analysts on this occasion at 8:00 a.m. Eastern Time (2:00 p.m. CET) today, 19 April 2022. The live audio webcast and supplementary information will be accessible on Sono Motors’ IR website at https://ir.sonomotors.com/. A replay of the webcast will also be available.