Sono Motors enters self-administration after months of insolvency
By Bradley Osborne - 25th September 2023
Germany – Sono Motors GmbH of Munich, Bavaria – known for its solar power technology for buses and trailers – opened self-administration proceedings on 1 September, as it struggles to find investors willing to support the company’s plans.
Earlier this year, the company shelved its solar-powered concept car (called ‘Sion’) to focus on solar kits for generating auxiliary power in passenger cars and commercial vehicles. However, in May, Sono Motors announced that it had filed for a protective shield proceeding with the Munich Local Court when the business became insolvent. Consequently, the holding company, named “Sono Group NV”, received a notice that it would be delisted from the Nasdaq if it did not regain compliance with the stock exchange’s regulations.
