Sono Motors N.V. (NASDAQ: SEV) is engaged as an alternative energy technology company, which is focused on developing solar-powered mobility solutions. The company is also working on its Sion vehicle, which will be the world’s first affordable solar electric vehicle. Sono Motors has already secured over 20,000 reservations with advanced down payments for its Sion model, as of September 1, 2022. Shares of the solar-powered EV company are rallying 30% through early trading on Friday, November 11, 2022. Over the past three months, Sono Motors has seen average daily volume of 640,330 shares. However, volume of 3.67 million shares or dollar volume of around $5.39 million, has already exchanged hands through early trading.
Shares of Sono Motors are climbing after the company announced it has entered into a long-term collaboration agreement with Bosch to operate a joint Europe-wide network of auto repair and service shops. The collaboration will specifically focus on developing repair and servicing under the framework of the Bosch Car Service Workshop concept. This will allow Sion owners access to all services, such as repairs, servicing, maintenance, warranty services and more at over 50 qualified Bosch Car Services locations.
Sono Motors and Bosch will initially roll out their concept across Germany before expanding to additional areas and territories. The goal for the two firms is to expand the concept throughout Europe.
Sono Motors says it will work closely with Bosch to train and certify its workers with completing servicing and repair requests for the Sion model. Furthermore, the solar-powered EV company says it plans on providing 22,000 independent auto repair shops across Germany with an abridged version of the Sion factory service manual.
“We are proud of our strategic partnership with Bosch Car Service, a professional partner for all things automobile, which we believe demonstrates the reputation that we are gaining as an OEM. The Bosch brand represents top quality, and the workshop experts at Bosch Car Service perform their service and repair work according to modern standards. All of this makes Bosch a perfect partner for Sono Motors in order to offer our customers comprehensive, Europe-wide services,” says Laurin Hahn, CEO and co-founder of Sono Motors.
Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/