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!
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The third of a quintet of West Virginia solar farms just came online, and while that’s a renewable milestone, there’s a disappointing hitch.
3 out of 5 West Virginia solar farms are online
FirstEnergy subsidiaries Mon Power and Potomac Edison have launched a 5.75 megawatt (MW), 17,000-panel solar farm at Marlowe in Berkeley County. The new solar farm sits on about 36 acres of land along I-81 and the Potomac River – land that used to store ash from the retired R. Paul Smith Power Station.
In 2022, FirstEnergy wrapped up a major cleanup effort, pulling more than 3 million tons of ash from the site to be reused in cement manufacturing. With the landfill officially closed, the company cleared the way to turn the former waste site into a clean energy generator as part of its solar program. Fifty-four local union workers constructed the solar farm, which features US-made solar panels, a racking system, and electrical equipment.
It’s the third of Mon Power and Potomac Edison’s five solar farms that will generate up to 50 MW of clean energy combined. The companies completed their first solar farm at Fort Martin Power Station (18.9 MW) in early 2024, and their Rivesville solar site (5.5 MW) came online last fall. In total, the companies now have 30 MW of solar capacity.
Electrek’s Take
Combined, the five projects will create more than 87,000 Solar Renewable Energy Credits (SRECs) available for purchase by customers for 4 cents per kilowatt hour in addition to normal rates. Aside from the essential benefit of cutting carbon emissions, there isn’t anything else in it for customers, apart from spending, on average, an extra $40 or so a month out of the goodness of your heart to go solar. Heck, you don’t even get a T-shirt.
Mon Power and Potomac Edison – why are customers being charged MORE to buy into solar in West Virginia? That’s a stick, not a carrot. (And WV? Coal’s not coming back. It doesn’t matter what Trump says.)
But solar growth anywhere is something to be cheerful about, and solar energy in coal-state West Virginia is progressing. According to the Solar Energy Industries Association, as of Q4 2024, 205 MW of solar is installed in West Virginia. So, it’s no surprise that it’s at the bottom – it’s ranked 49th in the US for the amount of solar installed. However, it’s projected to reach 40th place over the next five years with 1,064 MW, so at least it’s expected to improve.
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Is the Kia EV4 GT the affordable electric sports car we’ve been waiting for? Kia’s first global electric sedan is about to get a sporty upgrade. After the EV4 GT was spotted in public, we’re finally getting a glimpse of the interior.
Kia EV4 GT spotted, revealing first look at the interior
The EV4 arrives as one of the most highly anticipated electric cars of 2025. After opening orders in Korea earlier this year, Kia will launch it in Europe later this year and the US in 2026.
Kia’s electric sedan starts at just 41.92 million won, or around $30,000 in Korea. Although prices for Europe and North America have yet to be revealed, the entry-level EV is expected to start at around $35,000 to $40,000.
Despite its typical four-door design, Kia labels it as an “entirely new type of EV sedan” with a wide stance and fastback silhouette.
Although the EV4 already has that sports car look, Kia is about to introduce an upgraded GT variant that could be a true Tesla Model 3 Performance challenger.
Who could forget the EV6 GT? It hit the market in 2022 as “the most powerful Kia production vehicle ever.” With 576 hp, the high-performance EV could hit 0 to 60 mph in just 3.4 secs, faster than the average Ferrari or Lamborghini.
With significant advancements in battery technology, powertrain, and other areas over the past few years, the EV4 GT will likely offer even more.
The EV4 GT was spotted outside Kia and Hyundai’s facility in Korea, and a few spy photos give us a glimpse of the interior for the first time.
The new video from HealerTV reveals a few interior upgrades the GT model will get over the standard EV4. As you can see, it resembles the EV9 GT interior almost identically. The only slight difference that we can see is the different material on the upper part of the seating.
Like the EV6 GT and EV9 GT, the EV4 GT will also include an adjustable ambient lighting feature, allowing you to customize the interior color and brightness.
Although it’s covered, the EV4 GT is expected to feature Kia’s new ccNC infotainment system. The panoramic curved display includes dual 12.3″ driver and navigation screens.
The exterior is likely to receive a more aggressive front-end design and larger wheels, similar to those of other Kia GT vehicles. Although the final specifications have yet to be revealed, the EV4 GT is expected to feature an all-wheel-drive (AWD) dual-motor powertrain.
In Korea, the EV4 is available in two battery options: 58.2 kWh and 81.4 kWh, offering a driving range of 237 miles or 331 miles (533 km). The GT variant is likely to use the larger 81.4 kWh battery pack, similar to other GT models.
Kia will launch the EV4 in the US next year, featuring a built-in NACS port to access Tesla Superchargers and an EPA-estimated driving range of up to 330 miles. Prices will be revealed closer to launch, but the EV4 is expected to start at around $35,000 to $40,000. The GT variant could cost upwards of $50,000 to $55,000, with the 2025 Kia EV6 GT starting at $63,800.
The Tesla Model 3 Performance starts at $54,990 in the US with 298 miles range and a 0 to 60 mph time in 2.9 seconds.
Will the Kia EV4 GT match it? Let us know your thoughts in the comments.
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Trump’s tariffs are about to drive up the cost of clean energy projects in the US, and energy storage is set to take the biggest hit, according to new analysis from Wood Mackenzie.
In its latest report, “All aboard the tariff coaster: implications for the US power industry,” Wood Mackenzie lays out what the power sector could be in for as new tariffs raise costs across the board. The biggest tariff hit will be on utility-scale energy storage, where US projects still overwhelmingly rely on imported battery cells from China.
“In a business with 5-to-10-year planning cycles, not knowing what a project will cost next year or the year after is disruptive and causes massive uncertainty,” said Chris Seiple, vice chairman of power and renewables at Wood Mackenzie. “We will definitely see impacts on power sector capital projects. The severity depends on what scenarios play out.”
The firm modeled two scenarios: one where tariffs settle at an effective rate of 10% by 2026, and a more extreme “trade war” scenario where that rate climbs to 30% and stays there through 2030. Either way, energy storage takes a big hit.
Wood Mackenzie estimates energy storage project costs could rise from 12% to over 50%, depending on the scenario. That’s because, in 2024, nearly all utility-scale battery cells used in the US came from China. And the domestic supply is nowhere near ready to take over.
“While US battery cell manufacturing capacity is expanding, it is not expanding at a pace nearly fast enough to meet even a small fraction of battery projects in the US,” Seiple said. “In 2025, we estimate there is sufficient domestic manufacturing capacity to only meet about 6% of demand, and by 2030, domestic manufacturing could potentially meet 40% of demand.”
The solar sector is getting a rough deal, too. With existing tariffs and tough interconnection rules already making solar builds more expensive in the US, new tariffs would pile on. Wood Mackenzie says utility-scale solar could end up 54% more expensive than in Europe, and a staggering 85% pricier than new solar plants in China.
“An increase in tariff levels will only worsen this premium US energy consumers need to pay to access renewable energy,” Seiple said.
Wood Mac’s bottom line: Current trade policies are making clean energy more expensive to build in the US than almost anywhere else, and the industry will have to brace for more uncertainty and higher costs ahead.
Read more: Audi may build EVs in the US to dodge Trump’s new tariffs
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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
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