Sono, founded in 2016 in Munich, is developing a full-electric vehicle with solar cells integrated into the body, boosting the car’s range by an average of 70 miles per week beyond the 190-mile range of its battery.
Valmet Automotive, whose largest shareholders include China’s battery cell manufacturer CATL, also produces cars for Mercedes-Benz and makes battery modules at two plants in Finland, with a third opening in Germany this year.
Sono, which began trading on the NASDAQ in November to try to attract early-stage investors after finding itself on the brink of insolvency, is currently working to validate its mass production plans with vehicles being built in Germany.
It expects to produce a low four-digit volume of cars in its first year, with a view to ramping up to 43,000 a year, it said.
The net price of Sono’s vehicle, currently 23,950 euros ($26,271), will rise to 25,126 euros once the company hits 18,500 reservations from the around 17,000 registered so far, it said, citing rising manufacturing costs.
The company aims to keep costs down by offering just one model, relying on third-party production and using off-the-shelf components from suppliers including Vitesco and Hella, it said in a November regulatory filing.