BERLIN — German startup Sono Motors has deserted plans to supply a partly solar-powered automobile referred to as the Sion and can as an alternative concentrate on constructing photo voltaic panels for third-party automobiles, the corporate mentioned in an announcement.

Based in 2016, Sono started buying and selling on the NASDAQ in November final 12 months in a bid to draw early-stage buyers after discovering itself getting ready to insolvency.

The startup was resulting from start manufacturing in Finland with provider Valmet Automotive this 12 months.

Sono launched a marketing campaign in early December to lift 100 million euros ($106 million) by providing potential patrons a 3,000-euro low cost on a pre-ordered automobile, travelling throughout 13 European cities to rally curiosity within the mannequin.

The corporate mentioned on the time that it might concentrate on its much less capital-intensive photo voltaic enterprise if the marketing campaign, which was resulting from run till February 28, was unsuccessful.

“We have been compelled to react to the continuing monetary market instability and streamline our enterprise,” co-founder and CEO Laurin Hahn mentioned within the assertion on Friday.

Chief Working Officer Thomas Hausch will step down and 300 staff will likely be laid off, the assertion mentioned.

Sono is amongst a handful of startups which have tried to construct a partly solar-powered automobile, however none have reached sequence manufacturing to this point amid struggles to lift sufficient funds from buyers.

The corporate will proceed to make use of its patented know-how for integrating photo voltaic cells into third-party automobiles, for which it at the moment has 23 prospects together with Volkswagen’s MAN and Scania truck companies and Mitsubishi, it mentioned.