Sono Motors receives €45 million in Series C funding

The e-car manufacturer Sono Motors from Munich is receiving money from Swedbank, among others. However, a three-digit million amount is still missing for production.

The Munich-based start-up Sono Motors is once again receiving many millions of euros from investors. This time, Swedbank in particular, via its sustainability fund, and the asset manager DNCA from Luxembourg have given 45 million euros in Series C funding. In total, Sono Motors has already raised more than 100 million euros in investment capital. The start-up plans to present the next prototype of the Sion, a solar-powered car, in mid-January.

The company still lacks around 160 million euros until production. Manager Magazin has already speculated that Sono Motors is aiming to go public on the US stock exchange in order to raise the missing money. Customers have already reserved 12,000 cars, and Sono Motors plans to deliver the Sion from 2022.

The electric car will be built in Sweden. It should be able to travel 255 kilometers and produce an additional 34 kilometers of range every day thanks to solar cells. The 163 hp car is expected to cost 25,500 euros. The start-up plans to build a total of almost 260,000 vehicles.