Solar-powered electric vehicle company Sono Group (NASDAQ:SEV) has plenty to celebrate today after SEV stock jumped nearly 14%. The gains appear connected to upcoming updates in the production of its latest Sion model.
The company has had a fairly shaky time since its November initial public offering. After coming public at $15, SEV stock leapt as high as $47.49. However, shares have been falling since then, trading currently at just below $12.
Despite its fall, though, many investors consider SEV a strong long-term investment. The Munich-based car maker plans to introduce its flagship solar-powered car in 2023, priced at $32,000.
So what’s going on with Sono today?
Product Speculation Sends SEV Stock Soaring
An image circulating around Twitter appears to be at least partially fueling the gains today. This graphic, titled “Sion Timing Overview,” appears to shed more light on what is coming from Sono. It comes from a September 2021 development update, and suggests a design of its latest prototype could be coming in the next few weeks. However, investors should note that very little else is known about the graphic.
Investors should also note others on Wall Street are paying attention. Earlier this month, Berenberg set a price target of $21 on SEV stock. Analyst Michael Filatov said:
“Sono’s proprietary integrated solar solution is lighter, cheaper and more flexible than existing alternatives. We believe the most exciting aspect is Sono Solar, which will sell and license a solar solution to other OEMs and fleet owners across industries.”
Electric vehicles are already hot, but Sono is looking to lead the pack with its solar-powered version. If speculators on social media are correct, SEV stock could be getting more attention very soon. No matter what though, be cautious and do your own research before diving in.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
