Why Is Sono Motors (SEV) Stock Heating Up 10% Today?


  • Sono (SEV) stock is trending and advancing in early trading.
  • Germany’s Bosch Automotive Aftermarket will train repair shops on servicing, maintaining and repairing Sono’s Sion EV.
  • Other EV makers are also trending today.
SEV stock - Why Is Sono Motors (SEV) Stock Heating Up 10% Today?

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Sono Motors (NASDAQ:SEV) stock is trending and advancing in early trading. On Thursday, the electric vehicle (EV) maker made a big announcement. Germany’s Bosch Automotive Aftermarket agreed to enable its network of repair shops to service, maintain and repair Sion EVs sold by Sono in a number of European countries.

Germany-based Sono has developed the Sion, a large electric car that will come equipped with 456 solar “half cells.” Bosch Automotive Aftermarket “provides … aftermarket and repair shops worldwide with modern diagnostic and repair shop equipment and a wide range of spare parts.” It has roughly 13,000 employees working in more than 150 countries.

SEV stock has tumbled 41% this year, but it has surged 22% over the month of trading that ended on Friday.

SEV Stock: What to Know About the Deal

The collaboration between Sono and Bosch will launch in Germany. There, 50 service centers within Bosch’s network will initially be trained on repairing the Sions. Eventually, service centers in other European nations that work with Bosch will receive similar training, Sono reported. This indicates that Sion’s owners will eventually be able to get their EVs serviced, maintained and repaired throughout Europe.

Sion’s “half cells,” which are distributed within its body, may increase its range by an average of 112 kilometers per week and as much as 245 kilometers a week, Sono reports.

Additionally, the Sion has a “bidirectional charger,” enabling it to provide its stored electricity to other EVs or to homes.

Sion’s base price is just under 30,000 euros, and Sono is slated to start producing it next year. According to Electrek, deliveries of the EV are expected to kick off in “less than a year.”

Sion was identified by Time Magazine as one of the “Best Inventions” of 2022.

SEV stock is not alone in its success today. Among the other EV stocks trending today are Polestar (NASDAQ:PSNY), Canoo (NASDAQ:GOEV) and Tesla (NASDAQ:TSLA).

On the date of publication, William White 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.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.

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