Polestar

EV developer Polestar is touting two announcements today. It has begun sales of its latest EV, the Polestar 4, in the US and officially crossed over into a new segment of technology, launching its flagship smartphone to support its vehicle customers. The phone itself is a little pricey, but Polestar is including it for certain EV customers.

Polestar’s new electric SUV, the Polestar 4, is set to hit the Korean market in June, Hyundai and Kia’s home turf.

A new Polestar electric car is destined to replace the Polestar 2, the EV that started it all. The Polestar 7 will not be a direct successor to the 2 as the brand looks to keep things fresh.

Polestar is not afraid to voice its opinion. The Swedish EV maker has called out industry leaders for their lack of progress with electric cars. Although often compared to Tesla, Polestar says the EV leader is not its rival. If anything, the new Porsche Macan EV is.

A new luxury electric SUV is hitting the US market to take on Tesla’s best-selling Model Y. Polestar revealed its second electric SUV, the Polestar 4, will have a starting price tag of $56,300 (including $1,400 destination fee) with up to 300 miles range.

Polestar (PSNY) has officially teamed up with Tesla, granting its EVs access to Tesla’s Superchargers in China.

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.