Solar-powered Sion EV ‘highly affordable,’ Sono Motors CEO says

Sono Motors Co-founder & CEO Laurin Hahn joins Yahoo Finance Live's Pras Subramanian from the Nasdaq headquarters in New York City to discuss the company's solar-powered Sion EV, its affordability, the potential to become the mass market EV, what makes it special, and the outlook for the automaker amid rising global demand.

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AKIKO FUJITA: Well, German carmaker Sono Motors is on a mission to make mobility in growing megacities more sustainable. For more on that, the CEO of the EV startup standing by with our very own Pras Subramanian, live from the Nasdaq. Pras?

PRAS SUBRAMANIAN: That's right, Akiko. We're at the Nasdaq. Sono Motors is actually listed on the Nasdaq. They're a German company listed here.

They have their Sion solar-powered EV here right behind us. And joining me now is CEO Laurin Hahn. So, Laurin, talk to us about the Sion. You're here in the States. What's going on, exactly?

LAURIN HAHN: Sure. Hi, everyone. Nice to be here. This is the first solar electric vehicle being affordable.

We've brought it the first time to the US, firsthand, first day here. Incredible car, $25,000, family-friendly, affordable, solar cells in the whole car body. It's recharging itself. And it's really meant to be that mass-market electric vehicle.

PRAS SUBRAMANIAN: So, you know, when I mentioned this to people before they talked to me about a solar-powered car, that's not totally true. You still got to plug it in to get more power.

LAURIN HAHN: You do.

PRAS SUBRAMANIAN: But what kind of solar power, what kind of range are we gonna get captured from the sun for most people?

LAURIN HAHN: Yes. Giving you an example, beautiful day here in the US, in New York, we have 12 miles per day being commuted in the city on average. This car is recharging at 13 miles a day. It's 70 miles a week on average. That's amazing because that means no recharging for most of the commuters.

And that's the big hassle about electric vehicles, right? Recharging. Where can park? Where find a charging station? Range anxiety, all that stuff, that's what people are worried about. And this car is solving that issue.

PRAS SUBRAMANIAN: So we know, you know, this car has a total range of around 200 miles per charge.

LAURIN HAHN: Right.

PRAS SUBRAMANIAN: But what you're saying is that given how people use a car normally, you can basically use-- basic captures as much solar power as you need to use the car on a regular basis. Let's say your commute's around five miles each way.

LAURIN HAHN: Right.

PRAS SUBRAMANIAN: So what you're saying is for most people, it makes sense for solar.

LAURIN HAHN: Exactly. Commuters-- people are using the car to get from A to B to work, right? And they're not driving, like, 200 or 300 miles to work. No, they're driving, on average, 12 miles, as I said. And this car is researching itself. That's the biggest hurdle about electric vehicles, and we are solving it.

PRAS SUBRAMANIAN: So where are you guys gonna be launching? I know you're a German company. What's the rollout plan for this car exactly?

LAURIN HAHN: So the first launch is in Europe. We have 42,000 down payments and preorders in total from B2B and B2C. And we are right now figuring out the plan for US. We have great plans for the US.

There's huge potential here. We see huge potential for suburban markets here-- family-friendly vehicles, affordable, $25,000.

PRAS SUBRAMANIAN: So taking kind of a step back with this car-- $25,000, very affordable, contains a solar power element-- why did you guys decide that was the way to go for EVs, not just the grid but capturing from the solar power that you get every day?

LAURIN HAHN: Well, because myself, I asked myself, what's a great product? And I'm living on the third floor. I don't have an own house. I don't have an own garage. And I asked myself, where do I charge? Where do I charge my electric vehicle, right?

And I came always to the conclusion, it's not working. I need something more than that. And that's why we integrated solar because we believe it's convenient. It's extending your range. It's highly affordable because you don't have to pay for higher electricity bills there, right?

PRAS SUBRAMANIAN: Yeah. And is there more incentives in places like Europe for that sort of thing, or is it sort of across the board? Are you guys getting any kind of incentive because of the solar power?

LAURIN HAHN: There are incentives for electric vehicles, I think, across the world. In every country, you get, like, certain incentives. There are countries starting to incentivize solar electric vehicles.

Take Holland. In Holland, there is an incentive for solar electric vehicles. So on top of the electric vehicle centers incentives, you get a solar electric vehicle incentive. So you see the whole industry is changing to solar electric vehicles. It's, as we believe, the next big thing in electromobility.

PRAS SUBRAMANIAN: So what are we talking about in terms of preorders here for the car globally? And also, you got some deals in the works with car sharing, right?

LAURIN HAHN: Yes. Yes, right. As mentioned, 42,000 down payments and preorders-- it's 50-- it's 22,000 B2B and 20,000 B2C reservations, the B2C reservations being down payments with an amazing 2,000 euros in average-- so sticky, real reservations, people putting down 2,000 euros for this car on the waiting list. Amazing.

And, yeah, with that, we have the full order book already for Europe. And we're right now going on tour here-- New York, Boston, Detroit, San Francisco, and LA. And we'll test the demand there, and we already get great feedback.

PRAS SUBRAMANIAN: You also have this deal with FINN, which I believe--

LAURIN HAHN: Yes.

PRAS SUBRAMANIAN: --is a rental car company--

LAURIN HAHN: Yes.

PRAS SUBRAMANIAN: How does that work exactly?

LAURIN HAHN: It's a subscription car company. They ordered just 12,600 cars. And it's an amazing order. We have, you know, so much more potential in the B2B sector. This is the perfect car for being an Uber driver, for being a delivery service, for being subscription car models. We believe there is so much more potential out there.

PRAS SUBRAMANIAN: So real quick, you talked about this, the deal with FINN. You guys are using Valmet to actually--

LAURIN HAHN: Yes.

PRAS SUBRAMANIAN: --make the cars-- the cars--

LAURIN HAHN: Yes.

PRAS SUBRAMANIAN: --as a third-party manufacturer.

LAURIN HAHN: Yes.

PRAS SUBRAMANIAN: How soon are we gonna see these cars on the road?

LAURIN HAHN: Our plan is to launch this car and produce this car in the second half of next year.

PRAS SUBRAMANIAN: OK.

LAURIN HAHN: We have a great partnership with Valmet. They are being very experienced over 50 years of building cars. They are currently producing the Daimler GLC and GLA. So they know how to produce cars. And we believe we will not have production hell, as you call it, because we have outsourced the production to someone who actually knows how to produce electric vehicles.

PRAS SUBRAMANIAN: So second half of next year, potentially, in Europe.

LAURIN HAHN: Yes.

PRAS SUBRAMANIAN: And then, maybe in the US, we'll see the tourists happening right now right across the United States.

LAURIN HAHN: Exactly.

PRAS SUBRAMANIAN: Laurin Hahn, thanks so much, Sono Motors. Back over to you, Akiko.

LAURIN HAHN: Thank you.

AKIKO FUJITA: Pras, I know there's a bit of a delay between us. But really quickly, I'm seeing people check out the car behind you. When's Laurin gonna let you take a ride?

PRAS SUBRAMANIAN: Yeah, when am I gonna get a ride in this car, Laurin? How soon?

LAURIN HAHN: Oh, yeah, you can, actually, tomorrow.

PRAS SUBRAMANIAN: Tomorrow? OK.

LAURIN HAHN: Tonight, today here, it's a little difficult.

AKIKO FUJITA: There you go.

LAURIN HAHN: But tomorrow, we will have some test rides. So sign up on our website, and you can come and grab a ride with this vehicle.

PRAS SUBRAMANIAN: All right, then. Well, thanks, Akiko, for cooking that up--

AKIKO FUJITA: All you had to do was ask.

PRAS SUBRAMANIAN: --so I get to ride in this car some more, tomorrow, maybe.

AKIKO FUJITA: I know you've driven many of these EVs. I'm gonna be curious to get your review on that. Pras, thanks so much for that, live for us from the Nasdaq market site. And our thanks to Laurin as well.