Despite some near-term headwinds tied to rising bond yields, growth stocks appear to be shoring up support in recent days. Indeed, a tremendous amount of growth is anticipated for EV stocks in the years to come, and investors are looking at every possible angle right now.
In addition to more traditional EVs from companies like Tesla (NASDAQ:TSLA), a range of hydrogen-powered vehicles are getting ready to hit the market.
One area that does not receive as much investor attention? Solar-powered EV options.
Let’s dive into one such company that may be coming to a stock index near you soon.
EV Stocks News: Sono Motors Looking to Go Public In U.S.
A recent report indicates German EV company Sono Motors is considering pursuing a U.S. listing by mid-2021. The company’s valuation could be $1 billion, and would be the largest such company in the solar-powered vehicle space.
The company is looking at various options to go public. An IPO is one route, but the company is also reportedly looking at a SPAC merger as well. Citi and Berenberg have signed on to advise on options.
Indeed, this is an intriguing option for investors right now, considering its unique business model. Sono Motors’ solar panels on the exterior of its vehicles generate enough power for an average of 112 kilometers (70 miles) per week. Drivers can get the remainder of the needed charge via plug-in charging capabilities.
Sono expects to begin production of its vehicles later this year. The company’s flagship Sion EV provides a 255-kilometer range (158 miles) for 25,500 Euros.
Given the SPAC boom we’ve seen of late, I wouldn’t be surprised to see a merger happen sooner rather than later. When bankers and lawyers get involved, a company tends to be serious. There are plenty of SPACs out there looking for targets like Sono right now.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.