EV maker Sono Group stock soared 29% in premarket trading

Tiger Newspress2021-11-18

EV maker Sono Group stock soared 29% in premarket trading.The stock rocketed nearly 155% yesterday.

Four companies kicked off life as public entities Wednesday with Sono Group posting the strongest first day. Shares of the German solar-powered electric-vehicle developer rocketed nearly 155% from the $15 offer price.

Sono Group, parent of Sono Motors, was the first to open Wednesday. Shares kicked off at $20.06 and closed at $38.20, up $23.20 from the offer price.

Sonos is benefiting from the debut of Rivian Automotive (RIVN) last week. The electric truck maker delivered the biggest IPO since 2014 when it raised $11.9 billion. Shares of Rivian gained more than 29% from its $78 IPO price on Nov. 10. The stock has since nearly doubled, trading Wednesday at $144.35.

Sono has developed the Sion, a solar-powered electric car that can recharge itself using panels installed on its exterior. Sono said it had received more than 16,000 reservations on the car as of Nov. 5. The Munich, Germany, company sold 10 million shares at $15 each, the mid-point of its $14 to $16 price range, raising $150 million.

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