Sono Group N.V. (SEV) stock is gaining in the current market after announcing its corporate results and financial performance for fiscal 2021. SEV stock values at $8.34, gaining more than 81% from the previous close. SEV stock closed at $4.60 with a trading volume of 510.13K shares.
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Global Electric Vehicle Industry Dynamics
Sono Group N.V. (SEV) is a solar electric vehicle company that wants to revolutionize to charge the electric vehicle with solar energy. The global electric vehicle industry has seen a boom since the rise of Tesla. Unlike Gasoline, EV cars are powered by electricity.
The global market size of the electric vehicle industry was valued at $185 billion in 2021. Moreover, according to estimates, the global electric vehicle industry will grow at a compound annual growth rate of 24.5% between 2022 and 2028 to reach a total market size of $980 billion.
SEV: Corporate Updates
- Sono Group’s B2B solar integration customer base expanded with new contracts and bids from different OEMs and fleet owners. ARI Motors received its first prototype solar-powered light-electric car in Q4 2021, and the first RV solar conversion for a U.S. customer was completed in the same quarter.
- The firm has established a specialized B2B solar development centre.
- The company has done many business projects for solar integration, including solar buses for public transportation in Q1 2022, last-mile delivery trucks, and a US RV store in 2021.
- More than 17 business-to-business partnerships were formed between 2021 and the first quarter of 2022 by Sono Solar.
- In 7 years, a seasoned premium OEM contract manufacturer will produce 257,000 cars.
- There were over 17,000 reservations for the Sion Solar Electric Vehicle (SEV) by March 31, 2022. The average down payment was €2,390 Net.
- Building a Fleet of Series-Validation Vehicles, which will be shown to the public this summer, has been completed as planned for the Sion.
- A new app called Sono Car Sharing was launched in Germany.
SEV: Financial Updates
- The company had cash and cash equivalents worth €132.9 million at the end of December 2021, up from €43.3 million at the end of 2020.
- Sono Group’s operational loss was €59.2 million in 2021, while in 2020, it lost €53.3 million. Net loss was €63.9 million, or €1.07 per share. In 2020, the figure was €56.0 million and €0.97 per share.
- The group made €16 thousand in sales, of which €11 thousand came from integrating its solar technology.
- Due to the IPO, it gained around €90 million in 2021 in cash.