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Polestar - 2 Johan Malmqvist - 2 Justin Sullivan - 1 Malmqvist - 1 Dole - 1 China's Geely - 1 Thomas Ingenlath - 1 Tesla's - 1
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Search resuls for: "Johan Malmqvist"


6 mentions found


☆ Polestar Finance Chief Malmqvist Exits EV Startup
  + stars: | 2024-01-13 | by ( Will Feuer | ) www.wsj.com   time to read: 1 min
Polestar has been grappling with soft sales of its electric vehicles. Photo: Justin Sullivan/Getty ImagesPolestar Chief Financial Officer Johan Malmqvist has departed the Swedish electric-vehicle startup, which recently received new financing from Volvo, its main backer. Malmqvist has served as financial chief since 2021. He previously served as finance chief of Dole, the food company.
Persons: Polestar, Justin Sullivan, Johan Malmqvist, Malmqvist, Dole Organizations: Volvo Locations: Swedish
☆ Swedish EV maker Polestar trims delivery forecast, halves margin target
  + stars: | 2023-11-09 | by ( Abhirup Roy | ) www.reuters.com   time to read: +3 min
Nov 8 (Reuters) - Swedish electric vehicle maker Polestar trimmed its 2023 delivery forecast on Wednesday to the lower end of its earlier guidance and halved its gross margin target, amid fears of a slowdown in EV demand and global economic uncertainty. Polestar, which operates in 27 markets globally, said it would now deliver about 60,000 vehicles this year, down from between 60,000 to 70,000. It had reiterated that forecast just last month after slashing the target in May from the 80,000 it had estimated earlier. The U.S.-listed company, founded by China's Geely and Volvo Cars (VOLCARb.ST), also said it would achieve a gross margin of 2% in 2023, down from its prior 4% forecast. The company said it sees gross margin in the high teens with a total annual volume of about 155,000 to 165,000 vehicles in 2025.
Persons: China's Geely, Johan Malmqvist, Thomas Ingenlath, Tesla's, Elon Musk, Polestar, Abhirup Roy, Rod Nickel, Jamie Freed Organizations: Volvo, Reuters, General Motors, Ford, Revenue, Thomson Locations: Swedish, U.S, San Francisco
☆ EV startups conserve cash as make-or-break moment approaches. Here's where everyone stands
  + stars: | 2023-05-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com   time to read: +14 min
As legacy automakers increasingly ramp production of all-electric vehicles, cushioned by the profits of gas-powered models, a handful of EV startups are scrambling to conserve cash and stay in the mix. It also means the amount of cash Fisker had left as of the end of March, $652.5 million, isn't yet cause for alarm. Still, Fisker cut its production guidance for 2023 to between 32,000 vehicles and 36,000 vehicles, from 42,400 in its original plan. Or as Evercore ISI analyst Doug Dutton wrote before Fisker's earnings report, "Fisker is beginning to turn into a story of binary and 'show me' outcomes." It had $108.1 million remaining as of the end of March, but it lost $171.1 million in the first quarter .
Persons: Tesla, Rivian, Claire McDonough, Rivian's, It's, McDonough, Deutsche Bank's Emmanuel Rosner, Rosner, Sherry House, Peter Rawlinson, Bank of America's John Murphy, Murphy, Aston Martin, Henrik Fisker, Fisker, Doug Dutton, Dutton, Nikola Nikola, Trevor Milton, Nikola, Voltera, TD Cowen, Jeffrey Osborne, Osborne, Polestar Polestar, it's, Johan Malmqvist isn't, aren't, Deutsche Bank's Rosner, Lordstown, Foxconn, Foxconn doesn't Organizations: EV, Amazon, Deutsche, Lucid's, Bank of America's, BMW, Global, Magna International, Nikola, Iveco, Volvo Cars, Geely, Lordstown, Nasdaq, General Motors Locations: Georgia, Magna, Austria, U.S, Europe, North America, Nikola's, Swedish, China, Ohio, Lordstown
☆ Polestar cuts annual losses in half as it ramps up EV production
  + stars: | 2023-03-02 | by ( Michael Wayland | ) www.cnbc.com   time to read: +2 min
Swedish electric vehicle maker Polestar cut its annual net losses in half last year, while revenue surged and it attempted to set itself apart from other EV startups. The company on Thursday reported an 84% increase in revenue for 2022 to roughly $2.5 billion as it exceeded a 50,000-vehicle delivery target. The majority of that increase will come from an updated Polestar 2 EV, according to Ingenlath. The company is releasing two new EVs this year – Polestar 3 and Polestar 4 – that are expected to hit their production strides in 2024. Polestar's relatively positive results come after other EV startups like Lucid , Nikola and Rivian reported ongoing problems with supply chains and production, causing them to miss production or sales targets.
☆ Polestar Q3 loss narrows, expects hit from rising costs
  + stars: | 2022-11-11 | by ( Marie Mannes | Thomson Reuters | Gdansk-Based Reporter Covering The Nordic Stock Markets | ) www.reuters.com   time to read: +2 min
[1/2] People look at a Polestar car during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. The Swedish carmaker, founded by China's Geely (0175.HK) and Volvo Cars (VOLCARb.ST), posted an operating loss of $196.4 million, down from $292.9 million a year ago, while revenue rose to $435.4 million from $212.9 million. Polestar, which listed on the Nasdaq exchange in June via a merger with a special-purpose acquisition company (SPAC), said rising costs for raw materials used to make its batteries had not yet fully hit because of set contracts. "The full extent of that will then... partly offset the raw material costs," he said, adding that the carmaker expected to raise prices further. But Chief Executive Thomas Ingenlath said Polestar was on track to deliver 50,000 cars in 2022.
☆ Swedish EV maker Polestar reports lower operating loss, confirms full-year guidance
  + stars: | 2022-11-11 | by ( John Rosevear | ) www.cnbc.com   time to read: +2 min
Swedish electric-vehicle maker Polestar said Friday that its third-quarter operating loss narrowed from a year ago as revenue more than doubled, and it confirmed that it still expects to deliver 50,000 vehicles in 2022. (Because Polestar's share price has fallen since it went public, it will have to pay out less than it had previously expected, hence the credit.) "I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. CFO Johan Malmqvist said that Polestar's lower operating loss was helped by its efforts to reduce costs, specifically short-term reductions in advertising and marketing spending. On the other hand, foreign exchange headwinds exacerbated the loss, and those are expected to continue into next year.
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