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☆ Hertz halts plan to buy 65,000 electric cars amid EV slump
▼ + stars: | 2024-02-06 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

The rental car giant is pausing plans to buy 65,000 electric cars from EV pioneer Polestar, according to comments made by Polestar CEO Thomas Ingenlath in an interview with The Financial Times . Hertz's estimated $3 billion agreement with up-and-coming EV maker Polestar in 2022 was seen as a major moment for electric vehicle adoption. AdvertisementIt came after Hertz struck a similar deal with Tesla and agreed to buy 100,000 of its EVs in 2021. However, since then the global EV market has stalled , with demand for electric cars slumping and major automakers rolling back some of their investments . AdvertisementThe company said in January it plans to sell 20,000 EVs from its fleet , including Teslas, Chevrolet Bolts, and Volvos.

Persons: Hertz, Thomas Ingenlath, Tesla, Elon, Ingenlath, Stephen Scherr, Polestar, Mary Barra Organizations: Financial Times, Polestar, Hertz, Teslas, Chevrolet Bolts, Volvo, Swedish, General Motors, Business

☆ Polestar's CEO just hinted at a looming problem in the EV market: Tanking used values
▼ + stars: | 2024-02-06 | by ( Nora Naughton | ) www.businessinsider.com time to read: +1 min

Polestar agreed to let Hertz out of a deal to buy its cars for now. Stipulations in the agreement protect Polestar's resale values. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOne piece of a new agreement to pause sales to Hertz by EV-maker Polestar hints at a larger concern in the electric-car market. As Hertz sheds a third of its electric-car lineup , executives are beginning to worry the deluge of used EVs could tank resale values.

Persons: Polestar, Hertz, —, Thomas Ingenlath Organizations: Service, Hertz, EV, Financial Times

☆ 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

☆ Polestar the first EV maker to incorporate StoreDot's fast-charging batteries
▼ + stars: | 2023-11-09 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

Under the terms of the deal the two companies will collaborate on incorporating the fast-charging technology into Polestar vehicles. A prototype will be demonstrated next year, and StoreDot said it hopes Polestar cars using its extreme fast-charging batteries will be on the road by 2027. Polestar CEO Thomas Ingenlath said the collaboration with StoreDot would give EV owners "the ability to recharge in minutes". "What used to be range anxiety in electric vehicles is now transforming to charging anxiety," StoreDot CEO Doron Myersdorf said. Polestar last month said deliveries of electric vehicles (EV) rose 50% in the third quarter from a year earlier but fell 12% from the second quarter.

Persons: Thomas Peter, StoreDot, Thomas Ingenlath, Doron Myersdorf, Myersdorf, Polestar, Steven Scheer, Jan Harvey Organizations: Beijing International Automotive, Auto, REUTERS, Rights, Volvo, BP, Daimler, StoreDot, EV, Reuters, Thomson Locations: Auto China, Beijing, China, Swedish

☆ Polestar cuts its guidance as it retools its business plan for lower EV sales, higher profits
▼ + stars: | 2023-11-08 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

At the time of its initial public offering last year, Polestar was targeting annual sales of about 290,000 vehicles by the end of 2025. For 2023, Polestar now expects to deliver "approximately 60,000" vehicles, at the low end of its previous guidance range, with a positive gross margin of about 2%. The company had previously guided to deliveries of between 60,000 and 70,000 vehicles in 2023, with a gross margin of 4% for the year. Polestar's gross margin was 1.1% in the first nine months of 2023 and 4.9% in 2022. Production of the Polestar 4, a smaller crossover SUV, will begin in China next week as planned, the company said.

Persons: Polestar, Thomas Ingenlath, Volvo — Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Geely Automobile, Geely, Volvo, Revenue Locations: Shanghai, China, Swedish, United States

☆ Tesla rival Polestar plans own smartphone launch alongside its first electric vehicle in China
▼ + stars: | 2023-09-06 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesMUNICH — Swedish electric vehicle maker Polestar plans to launch a smartphone in December alongside deliveries of its first car to be released in China, the company's CEO told CNBC. It will be the company's first car to be delivered in China, as it ramps up expansion in the world's biggest electric vehicle market. Alongside that, Polestar will take the unusual move of launching a smartphone carrying the brand's name. It stems from a joint venture created in June between Polestar and Xingji Meizu, a Chinese smartphone maker owned by Chinese auto giant Geely . And the Polestar smartphone would not be an attempt to grow market share.

Persons: Thomas Ingenlath, Polestar, Xingji, Meizu, Ingenlath, It's, Neil Shah, Shah Organizations: HK, Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, MUNICH, CNBC, Apple, EV, Counterpoint Research, BMW, Mercedes, Benz, Porsche Locations: Shanghai, China, Swedish, Polestar, German

☆ Swedish EV maker Polestar's loss narrows as supply chain snags ease
▼ + stars: | 2023-08-31 | by ( Marie Mannes | Thomson Reuters | Stockholm-Based Company News Correspondent Who Mainly Covers Anything To Do With Retail | ) www.reuters.com time to read: +2 min

STOCKHOLM, Aug 31 (Reuters) - Swedish electric vehicle (EV) maker Polestar's operating loss narrowed in the second quarter as the auto industry slowly recovers from pandemic-related supply chain bottlenecks. Delayed production starts, job cuts and mounting competition from new Chinese rivals have meant a tough year for the company. While some have cut prices to boost demand from consumers grappling with higher living costs, Polestar has maintained its premium pricing. The company posted a net loss per share of $0.14 in the quarter, compared with $0.12 a year ago. Cash and cash equivalents at the end of the quarter were $1.06 billion, compared with $884.3 million in the preceding three-month period.

Persons: China's Geely, Polestar, Thomas Peter Acquire, Thomas Ingenlath, Marie, Arsheeya, Alexander Smith, Mark Potter Organizations: Volvo, Beijing International Automotive, Auto, REUTERS, Reuters, U.S, Marie Mannes, Thomson Locations: STOCKHOLM, Swedish, Auto China, Beijing, China, Stockholm, Bangalore

☆ Polestar second-quarter loss widens as it ramps up EV deliveries
▼ + stars: | 2023-08-31 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

The Polestar 3 SUV, originally expected late this year, has been pushed into early 2024 because of delays with its Volvo-developed software. Revenue for the second quarter jumped to $685.2 million from $589.1 million during the same quarter last year. Polestar delivered 15,765 vehicles in the second quarter, up 36% from a year earlier, and a total of 27,841 vehicles in the first half of 2023. Polestar had $1.06 billion in cash and equivalents as of the end of the second quarter, versus $884.3 million as of Mar. "We achieved record volume growth during the second quarter," CEO Thomas Ingenlath said in a statement.

Persons: Polestar, Thomas Ingenlath Organizations: Volvo, Revenue Locations: Swedish, Polestar's, Mar, Wednesday's, China

☆ Polestar is the latest EV maker to announce a move to Tesla's North American charging standard
▼ + stars: | 2023-06-29 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Polestar owners in North America will have access to Tesla's charging network starting next year. New Polestar vehicles sold in North America will come standard with the Tesla-designed North American Charging Standard, or NACS, plug starting in 2025. Most non-Tesla EVs and charging stations in North America use a plug design called CCS, which stands for Combined Charging System. Tesla EVs can use CCS chargers with an adapter, but currently only Tesla EVs can use Tesla chargers. Tesla's plug design was proprietary until November, when the company published the technical details of its system and made it available to other automakers and makers of EV chargers.

Persons: Polestar, Tesla, Thomas Ingenlath Organizations: North America, Volvo, Ford Motor, General Motors, CCS, SAE International Locations: North America, Swedish, North

☆ Polestar partners with Geely's Meizu to build Chinese operating system
▼ + stars: | 2023-06-19 | by ( Marie Mannes | Thomson Reuters | Stockholm-Based Company News Correspondent Who Mainly Covers Anything To Do With Retail | ) www.reuters.com time to read: +2 min

June 19 (Reuters) - Swedish electric vehicle (EV) maker Polestar said on Monday it had formed a joint venture with Xingji Meizu to build an operating system for Polestar cars sold in China that will offer the latest smart technologies in its vehicles. The venture represents a further push by the Geely group (GEELY.UL) to adapt cars specifically for Chinese consumers. The Swedish group said it would own 49% of the JV and Xingji Meizu 51%, providing $98 million and $102 million in funding respectively. Xingji Meizu has grown over the last decade in its attempt to become a Chinese rival to Android, but holds a marginal market share. Traditional carmakers have come under pressure from Chinese EV makers offering lower prices and smart consumer-facing technologies.

Persons: Polestar, Xingji, Li Shufu, Thomas Ingenlath, Xingji Meizu, Ingenlath, Marie Mannes, Elaine Hardcastle, Jan Harvey Organizations: Volvo, JV, Reuters, Google, EV, Thomson Locations: Swedish, China, U.S

☆ Polestar to cut 10% of workforce as delays push upcoming SUV to 2024
▼ + stars: | 2023-05-11 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Swedish electric vehicle maker Polestar on Thursday trimmed its full-year production guidance, saying that its upcoming Polestar 3 SUV will be delayed until 2024 because of software issues. Polestar cut its full-year production guidance to between 60,000 and 70,000 vehicles in 2023, down from 80,000 in its earlier outlook, because the launch of the upcoming Polestar 3 SUV will be delayed until 2024. It now expects to begin shipping the Polestar 3 in the first quarter of 2024. The company's other upcoming new model, a smaller crossover SUV called Polestar 4, is still on track to launch in China in the fourth quarter of 2023, and elsewhere in early 2024. "While production of Polestar 3 will now start in the first quarter of 2024, the successful launch of Polestar 4 last month means that we add two strong offers in the attractive electric SUV market in 2024.

☆ Polestar plans to unveil new electric SUV model that costs $83,900
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPolestar plans to unveil new electric SUV model that costs $83,900Hosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Thomas Ingenlath, Polestar CEO, joins the show.

☆ Polestar CEO Thomas Ingenlath on Q4 results
▼ + stars: | 2023-03-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPolestar CEO Thomas Ingenlath on Q4 resultsPolestar CEO Thomas Ingenlath joins CNBC's 'Squawk Box' to discuss the company's fourth-quarter revenue growth, delivering a fleet of high-end EV vehicles in 2023, and Polestar's plan for profitability.

☆ 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.

"We will not engage in a price war...we are aiming to become a very premium sportscar company...," chief executive Thomas Ingenlath told Reuters. "It's very clear that this is a completely different aim from where Tesla is going, with 20 million cars per year." Demand for electric cars has weakened for U.S. EV startups Rivian (RIVN.O) and Lucid (LCID.O), with both carmakers forecasting 2023 production well below analyst estimates. But Polestar reaffirmed the 2023 production outlook it gave in January of 80,000 cars, up from the roughly 51,000 it delivered in 2022. The company reported a gross profit of $61.9 million versus a loss of $0.2 million in the same quarter in 2021.

☆ Tesla's cratering share price goes beyond Musk's preoccupation with Twitter. The entire EV market is slowing down.
▼ + stars: | 2022-12-22 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Tesla's share price has been cut in half and a distracted CEO isn't the only issue. The wider EV market is facing a tough mix of challenges. At the time of writing, its share price sits at $126.31, down 60% since the beginning of the year. Tesla's woes are symptomatic of wider issues plaguing the EV market. Tesla's stock market value slid below ExxonMobil this week for the first time since 2020, falling to $435 billion on Tuesday-compared with the oil and gas company's $439 billion market value, according to the Financial Times.

[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.

Its other major shareholder, PSD Investment, will provide the same amount through "direct and indirect financial and liquidity support," Polestar said. "We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable," Polestar CEO Thomas Ingenlath said in a statement. Volvo, like other major carmakers, has in recent years invested heavily in making its own electric vehicles and has also said it was committed to supporting Polestar. Volvo aims to sell only fully electric cars by 2030, while Polestar has a goal to launch three more cars by 2026. In February, Volvo formed a joint venture with battery manufacturer Northvolt to build a battery plant in Gothenburg which would produce battery cells specifically for electric Volvo and Polestar cars.

☆ Polestar confirms it will deliver 50,000 electric vehicles in 2022
▼ + stars: | 2022-10-07 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Polestar, the Swedish electric performance car company, has announced that the world premiere of its next car, the Polestar 3 electric performance SUV, will be in October 2022. Swedish electric vehicle maker Polestar said Friday that it is still on track to deliver 50,000 vehicles in 2022 after its factory resumed full production following disruptions from Covid outbreaks in China. Polestar said it delivered 9,215 vehicles in the third quarter, bringing its total deliveries so far this year to about 30,400 vehicles. Polestar is a joint venture between Sweden's Volvo Cars and Geely, which has owned Volvo Cars since 2010. The Polestar 3 is expected to make its formal debut at an event in Copenhagen on Wednesday, with production beginning soon thereafter.

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