Electric bicycle and e-motorcycle company SONDORS slashes IPO price… again
When we first reported on Southern California-based electric bicycle and motorcycle company SONDORS preparing for an IPO late last year, the company was expecting to hit a $10 per share price point in the $20M offering. But that number has since been revised to an estimate of $4-6 per share.
And this isn’t the first time SONDORS has lowered their IPO price estimate. It was already lowered once from the original $10 figure to a new target of $6-8.
The move comes as SONDORS could become the first electric bicycle company to go public in the US. Though of course the company has become much more than just an e-bike maker at this point.
First there was the three-wheeled electric car concept unveiled years ago, though it has yet to really materialize.
Then there was the two-year-long rollout of the Metacycle, a light electric motorcycle that is now being delivered in increasingly higher volumes after a rocky initial rollout.
SONDORS own story has been a bit of a rollercoaster itself, after the company burst onto the scene in 2015 with an unbelievably low-priced e-bike. The $500 electric bicycle shocked many in the industry. It’s ultimately successful delivery set the stage for what would become a SONDORS hallmark: big announcements that are dismissed by many as unlikely to succeed, only to usually be delivered – even if a day late and a dollar short of some of the loftier initial promises.
SONDORS’ initial regulatory filing ahead of the company’s expected IPO has given us our best look yet at the EV company’s finances.
It’s been a tough year or more for many electric bicycle companies that saw big sales booms during the pandemic that began to peter out in recent months.
In SONDORS’ case, the company reported revenue of almost $17M in the first three quarters of 2022, but its high operating costs led to a net loss of over $4M during that period.
The same period one year earlier saw $11.2M in revenue and a $1.78M net loss.
SONDORS has invested heavily in development and production of its Metacycle electric motorcycle, with a significant number of pre-orders weighing down the company’s liability column.
The company has also made several key hires in the past few months, including bringing in top leadership from companies like Tesla in a bid to course correct towards profitability.
The upcoming IPO is seen as key to the company’s ability to maintain enough breathing room with the necessary cash to meet its current obligations and capitalize on the expanding rollout of its light electric motorcycle, while continuing to produce its wide range of electric bicycle models.
Electrek’s Take
SONDORS may be in a tight spot here, looking for enough cash to keep its head floating comfortably above water.
The increasing rate at which it is turning those pre-order liabilities into assets is surely helping, but we don’t have a more up to date view of the company’s financials than Q3 2022. Deliveries of the SONDORS Metacycle really picked up in Q4 2022, so that’s where we’d likely see major improvements, if they exist.
That’s also where any changes from a new management team will likely begin to make an impact, so it’s hard to read too far into this yet without having a clearer picture of what’s going on behind the scenes.
Suffice it to say though that 2023 is likely a make or break year for SONDORS. Here’s hoping for the former!
FTC: We use income earning auto affiliate links. More.
Chevy is resurrecting both the Spark and EUV nameplates with the all-new, affordable Chevy Spark EUV. GM hopes its new, 249-mile range EV will be a “game changer” that helps accelerate the company’s EV transition in export markets.
There’s an old saying that goes, “If you can’t beat ’em, join ’em.” And to that end it seems that GM’s Chevy brand has figured out a way to put China’s electric technology lead to work in their favor, rebadging the Baojun Yep Plus SUV built by the SAIC-GM-Wuling joint venture.
Meet the all-new 2026 Chevy Spark EUV – a compact, Bronco-lookin’ four-door crossover that’s ready to take South America, Africa, and the Middle East by storm.
Big style, tiny package
Like its Baojun-badged siblings, the new MY2026 Chevrolet Spark EUV is powered by a single 75 kW (101 hp), 180 Nm (130 lb-ft) motor driving the front wheels. Power comes from the Baojun’s 42 kWh LFP battery that, with regenerative braking, is good for up to 360 km (220 miles) on the NEDC driving cycle.
The new Spark is also equipped with a 10.1″ infotainment screen and 8.8″ digital instrument cluster. Interestingly, the Spark EUV ships with support for both Apple CarPlay and Android Auto standard – two technologies that GM claim lead to “unsafe” driver in North America.
Built to turn heads and spark excitement, the 2026 Chevrolet Spark EUV debuts in the ACTIV trim, boasting a bold, boxy exterior, a sleek two-tone roof, and sporty 16” wheels. Compact yet spacious, it’s the perfect everyday runner, offering seamless balance of practicality, driving dynamics and personality.
And for those who love to stand out, the Spark EUV offers six vibrant color options, including Sea Blue with a Polar White roof, Track Yellow, Tiger Blue, Gentle Gray with a Star Twinkle Black roof, and Milky Tea. But personalization doesn’t stop there – drivers can further customize their Spark EUV with exclusive accessories like Ground Effects for the front and rear, Side Moldings, Assist Steps, and Side and Rear Storage Boxes.
Whether you’re an adventurer, gaming enthusiast, music lover, sports fan or someone who enjoys pop culture, a range of unique accessories and themes ensures your Spark EUV stands out and feels uniquely yours.
“The Chevrolet Spark EUV is the coolest and most attainable vehicle in its segment – and is positioned to drive EV adoption in the Middle East,” explains Jack Uppal, General Motors Africa and Middle East President and Managing Director. “Not only is it fun to drive, but the Chevrolet Spark EUV also offers customers the chance to personalize their vehicle with a variety of customization options, making it uniquely their own.”
In addition to basically re-using R&D and tooling budgets from the Baojun brand, the 2026 Chevy Spark EUV keeps its price low with relatively low EV tech. The charging, for example, tops out at “just” 50 kW – a far cry from the 300-plus kW from Tesla, let alone the 480 kW from some of the cutting-edge Chinese brands.
The 2026 Chevrolet Spark EUV will be available in UAE, KSA, Bahrain, Kuwait, Qatar, Lebanon, Iraq, Oman, and Egypt later this Summer. No official word on pricing.
Electrek’s Take
I know this is an overseas model with almost no chance of coming to the US – and that’s our loss. A practical, fun, affordable EV like this could do huge numbers if it was priced right. And with the Baojun Yep starting at less than $12,000 US in China, I can’t imagine a sub-20K MSRP would be entirely out of the question.
SOURCE | IMAGES: GM.
FTC: We use income earning auto affiliate links. More.
The 2025 US Electric Vehicle Experience (EVX) Ownership Study from J.D. Power tells us that more people are more satisfied with their EV experience than last year – and the EV owners who are the most satisfied with their rides can be found behind the wheel of the BMW iX.
Now in its fifth year, the J.D. Power U.S. Electric Vehicle Experience (EVX) Ownership Study focuses on the the first year of vehicle ownership. The overall EVX ownership index is a 1000-point score that measures EV owner satisfaction in both premium and mass market segments across 10 factors. Those being (in alphabetical order):
- accuracy of stated battery range
- availability of public charging stations
- battery range
- cost of ownership
- driving enjoyment
- ease of charging at home
- interior and exterior styling
- safety and technology features
- service experience
- vehicle quality and reliability
And, for the second year in a row, a BMW has taken the top two spots in J.D. Power’s survey, slotting just ahead of the Rivian R1T and R1S models (the leaders in 2023). In the mass-market BEV segment, BMW’s MINI sub-brand also performed well.
The reason BMW is consistently pulling ahead? It seems to come down to education. “First-time EV buyers are receiving minimal education or training,” explains Brent Gruber, executive director of the EV practice at J.D. Power. “Dealer and manufacturer representatives play the crucial role of front-line educators, but when it comes to EVs, the specific education needed to shorten the learning curve just isn’t happening often enough. The shortfall in buyer education is something we’re seeing with all brands.”
For their part, BMW and MINI do a great job with consumer education – and the company’s Genius program (cunning cribbed from Apple’s Genius Bar playbook) is the best in the car business. With that in mind, it’s hard to imagine this going down any other way.
Bigger trends in the EV space
After a decline in BEV owners’ overall satisfaction results in 2024, J.D. Power reports that owners of both premium and mass market battery electric EVs are expressing a change of sentiment this year. Part of that is better education, another part is more mainstream awareness of EV charging basics, but most of that is the overall growth and improvement of America’s publicly accessible DC fast charging network.
Among mass market BEV owners, satisfaction is up 86 points year over year (396) as infrastructure buildout continues and brands benefit from the opening of the Tesla Supercharger network. Satisfaction with public charger availability is highest among owners of premium BEVs (551).
These results should come as no surprise to Electrek readers and Quick Charge listeners. We covered a Paren study late last year that showed a nearly 50% increase in DC fast charging sessions YOY over Thanksgiving weekend. In that study, the company’s proprietary EV charger reliability index was up 3.4% compared to last year, reaching 85.5% and signaling an improving charging experience overall for EV drivers.
Another big EV trend covered in J.D. Power’s survey is the market’s permanence. EVs have staying power, in other words, with the vast, sweeping majority of first-time EV buyers indicating that they’re not going back to ICE.
verall, 94% of BEV owners are likely to consider purchasing another BEV for their next vehicle, a rate that is also matched by first-time buyers. Manufacturers should take note of the strong consumer commitment to EVs as the high rate of repurchase intent offers the ability to generate brand loyal customers if the experience is a positive one. In fact, during the past several years, the BEV repurchase intent percentage has fluctuated very little, ranging between 94-97%. This year’s study also finds that only 12% of BEV owners are likely to consider replacing their EV with an internal combustion engine (ICE)-powered vehicle during their next purchase.
“With five years of conducting this study and surveying thousands of EV owners, it’s apparent that once consumers enter the EV fold, they’re highly likely to remain committed to the technology,” Gruber adds.
J.D. Power reports that BEVs reached a market share of 9.1% in 2024, up from 8.4% in 2023. That’s in line with Cox Automotive’s numbers, which led that company to predict that 1 of every 4 new cars sold in the US (cleverly sidestepping the truck segment) would be battery-powered in 2025.
You can check out the results of the J.D. Power surveys, below, then let us know what you think of these results in the comments.
EVs with most satisfied owners
SOURCE | IMAGES: J.D. Power; BMW.
FTC: We use income earning auto affiliate links. More.
Dutch charge point operators Fastned have opened their first DC fast-charging station with up to 400 kW chargers in Italy, marking the eighth nation the company has built stations in.
Fastned’s new EV charging location was built into the existing Truck Park Brescia Est service plaxa on the busy A4 motorway roughly between Milan and Venice. The A4 is a major traffic artery in the northern part of Italy, but that’s not the only reason the site was chosen.
Fastned says that the majority of electric vehicles registered in the boot-shaped nation are located in the northernmost regions of the country of the country. More specifically, the new charging facility is located roughly halfway between Bergamo and Verona, while the A4 continues west to Lake Lugano and Lake Como or and east to Lago di Garda.
The facility offers four Alpitronic-built HYC400 Hyperchargers, DC fast charging stations with a massive, 400 kW output – quite a bit more than what even the newest Tesla EVs can make use of, but still significantly slower than either the megawatt charging some battery electric semi trucks or the latest 6C luxury cars from China can make use of.
The new Fastned charge park was originally set to open in 2024, but wasn’t officially commissioned by the Italian motorway operator A4 Holding Group until this week.
Electrek’s Take
You might be asking yourself why I’m writing about a new charging station in Europe when I usually write about big trucks and tractors. The answer is simple: I read “Truck Park Brescia Est” and assumed this was a truck stop. By the time I figured it out I’d already written about three quarters of the article, and rather than throw it away I decided to use it as yet another opportunity to point out that Tesla is a step or three behind the latest charging tech from China.
I also re-posted an episode of Quick Charge on this same topic (above). Enjoy!
SOURCE | IMAGES: Fastned, via Electrive.
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports11 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway