The German-based company, which went public in November 2022, announced Friday it is laying off 300 employees as a result of the change in business model. COO Thomas Hausch is also leaving his position. The shift appears to be driven by a one-two punch of a high-cost EV program coupled with quickly depleting capital. Sono Motors has been plagued by financial issues for years, at one point nearly shutting down altogether until it appealed to and received support from individuals through a crowdfunding campaign. The Sion EV program, while the original centerpiece of the company, has been a consistent drag on its budget. The company said an estimated 90% of its funding needs for 2023 were dedicated to the Sion EV, a $25,000 five-seater hatchback that was supposed to go into production later this year. Sono Motors will now turn its attention to selling a technology that it developed for its Sion EV: solar embedded into the vehicle. The company's business will retrofit and integrate its...
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