Sono Group ($SEV), an EV startup that went public yesterday. I decided to take a quick look at the company. Their Vehicle is... not very impressive, no groundbreaking range, efficiency or price improvements. Their big selling point is solar cells plastered all over the vehicle, which many companies are exploring.
You can learn more about the company here: https://sonomotors.com/
But, who exactly is building these cars? Surely a startup this size can't mass produce $30,000 vehicles. The answer is National Electric Vehicle Sweden (NEVS). They bought SAAB's assets in 2012 with the intent to make a SAAB 9-3 EV. In almost a decade, no vehicle has made it to production.
It gets worse. NEVS is a subsidiary of China Evergrande New Energy Vehicle Group, A subsidiary of Evergrande Health Industry Group, who bought 100% of NEVS in 2020. Evergrande Health is, of course, a subsidiary Evergrande Group. Also of note, NEVS haven't filed any reports since 2019.
NEVS ownership structure and investor relations: https://www.nevs.com/en/investors/owner-structure/
This company has managed to put their manufacturing into the hands of, ostensibly, an incompetent and unproven manufacturer, which is currently a wholly owned subsidiary of Evergrande Group.
If ever there were an EV stock to avoid... this would be it.
Submitted November 18, 2021 at 11:10AM by thri54 https://ift.tt/3Cwnh2G
