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Thursday, May 19, 2022

Why did the Sono Group N.V. (SEV) stock show a boost in Current Market Trading?

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.

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