According to Capital’s research, the sum is 40,000 euros. Sono Motors spokespeople have no comment.
Things were already turbulent for the startup in 2023. Sono Motors
The startup Sono Motors is suspected of receiving too much short-time work benefits in 2020, according to research by Capital out. Legally called: “reckless subsidy fraud”. The Munich I public prosecutor’s office is currently investigating Sono Motors. More precisely, against the two founders and CEOs Laurin Hahn and Jona Christians. However, the two are no longer part of the management. They were released at the end of 2023.
Upon request, Laurin Hahn informed Capital that the “reckless subsidy fraud” involved a sum of 40,000 euros. He doesn’t want to say more at this point. According to Capital, Jonas Christian did not comment. And the spokespersons for Sono Motors are also cautious and refer to the founders. It concerns them “on a personal matter,” quotes Capital. You are “unable to answer for them.”
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However, Sono Motors did not hide the investigation. In its annual report to the US Securities and Exchange Commission (SEC), the startup itself referred to the investigation. It writes: “We would have misled the German state about the extent of the reduction in working hours in 2020 and, accordingly, about the extent of the public subsidies to which our employees would be entitled.”
The latest events at Sono Motors at a glance
The last year was turbulent for Sono Motors. The metaphor of the roller coaster rarely fits as well as in this case.
February 2023: Sono Motors is stopping production of its solar car Sion and laying off 300 employees. The financial market was unstable and production of the Sion was expensive. They would not have been able to convince investors. A crowdfunding campaign raised a double-digit million amount, but it wasn’t enough.
March 2023: Sono Motors’ auditors question the startup’s business viability. This emerges from a mandatory report to the US Securities and Exchange Commission (SEC). “There is therefore a significant risk that we could no longer exist as a company and become insolvent.”
April 2023: The pre-financing for the solar car through crowdfunding has been criticized. It’s a sum of 44 million euros. At this height, risks must be pointed out; Sono Motors failed to do so. They would also have needed approval from Bafin.
May 2023: Sono Motors files for bankruptcy and applies for protective shield proceedings at the Munich District Court.
November 2023: The startup is in investment agreements with the US investment firm Yorkville Advisors Global.
February 2024: Sono Motors makes it out of bankruptcy. The Munich District Court lifted the insolvency proceedings of Sono Motors GmbH on February 29th. This means that the deal announced in November 2023 can now be completed.