Polestar

Polestar (PSNY) has been clear about its belief in an all-electric future. The company’s CEO, Thomas Ingenlath, is now calling out rivals for pulling back on EV plans, saying they are falling into a “trap” and they will be left behind as the industry transitions.

Who needs Volvo anyway? Shortly after co-parent company Volvo Cars announced plans to cut ties with Polestar, the EV-centric brand has turned to an all-star lineup of international banks for external funding totaling close to one billion dollars. Polestar’s other owner, Geely Holding, is still very much involved and will also help Polestar continue work to roll out its two incoming electric SUVs and beyond.

The Polestar 3 has officially begun production in Chengdu, China, before its first deliveries. The third bespoke model, which is also Polestar’s first electric SUV, has a lot riding on its success in multiple markets. It will also be built in the US, and Polestar provided an update on that progress.

Volvo announced plans to sell 62.7% of its stake in EV maker Polestar (PSNY) as it looks toward the next stage of its transformation. Volvo said it will also cut off funding as the “company is well positioned for growth.”

A few months after sharing initial details and images, Polestar’s flagship smartphone, developed by Meizu in China, has been spotted on Google’s API website as a device compatible with the Play Store. Details of the incoming Polestar Phone remain relatively light, but we can confirm it will run on Android and support Google Play.

Polestar (PSNY) shares are falling Monday after car rental giant Hertz (HTZ) announced plans to delay buying its EVs this year.

Polestar’s online configurator is no longer accepting new custom Polestar 2 orders, and Polestar says that the reason is because demand is too high for its best-selling vehicle.

More bad news for Polestar. The struggling luxury EV maker just lost its funding from Volvo, which is handing full responsibility for the brand over to China’s Geely. However, Volvo is letting them down easy, saying it’s a “natural evolution” for the two brands.

The Polestar 4 officially hit two key markets Wednesday. Polestar launched its new SUV Coupe in Europe and Australia with up to 379 miles (610 km) WLTP range.

Polestar’s first electric SUV, the Polestar 3, is expected to begin rolling out in the US in the next few months. Ahead of its debut, Polestar is already offering a massive $7,500 purchase incentive on a lease of the new electric SUV.

EV-centric brand Polestar just announced it will cut hundreds of jobs in its global workforce in order to lean down and reduce spending, as it looks to bolster sales of its upcoming Polestar 3 and 4 models without relying on additional funding from parents Geely and Volvo Cars.

Should Volvo take EV maker Polestar (PSNY) private? Investment research firm Bernstein says it may make more sense.

Last week, a 2024 Polestar 2 was dropped off in front of my apartment in downtown Berlin — less than a kilometer from the center of Mitte, the most urbanized area of the German capital city. I’d never driven an EV in Germany before. Over 1000 kilometers later, including a lot of time on the speed limit-free Autobahn, I got pretty familiar with the latest version of the Polestar — a car I first drove almost three years ago.

Polestar posted its 2023 delivery numbers and, as expected, it’s a mixed bag for the luxury performance EV brand. With the company only meaningfully selling a single vehicle model — its Polestar 2 sedan — deliveries totaled 54,600 cars for 2023. And in Q4 of the year, the pace of deliveries slowed substantially, down to 12,800 cars (annualizing to a rate of 51,200).

If you want to try an EV out before getting locked into a long-term contract, there’s an option for you. EV micro leases are taking off, giving shoppers added flexibility with new models launching next year.

Up-and-coming Chinese EV maker NIO is partnering with Geely, the company behind Volvo, Polestar, and several other brands for EV battery swapping.

Polestar has announced that its upcoming Polestar 4 EV will be contract manufactured in a factory in Busan, South Korea. Heretofore, Polestar’s vehicles have been assembled in China.

Polestar has announced that it will create two large trial virtual power plants in California and Gothenburg, Sweden, to examine how Polestar 3’s vehicle-to-grid capability could be leveraged to help stabilize grids and earn money for EV owners while their vehicle is parked.

Swedish EV maker Polestar (PSNY) said it expects to hit the lower end of its 2023 delivery target on Wednesday. Despite the lower expectations, Polestar says new EV launches will drive up demand. Its first electric SUV coupe, the Polestar 4, begins production next week.

Polestar is bolstering the incentives with its new Flexible Lease program. Through the program, the 2024 Polestar 2 is available to lease for $349 per month. The best part is that you can end the lease after five months and five payments.