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Gores Guggenheim, Inc. Class A Common Stock (symbol: PSNY) represents a major player in the electric vehicle market through its association with Polestar Automotive Holding UK PLC. Polestar, established by Volvo Cars and Geely Holdings, specializes in creating premium electric vehicles designed to excite consumers and drive change in the automotive industry. The company has set market-leading standards in design, technology, and sustainability.
Polestar has produced two notable electric performance cars: the Polestar 1, a hybrid electric vehicle, and the Polestar 2, a fully electric car. These vehicles are engineered to deliver exceptional performance and cutting-edge technology, catering to the growing demand for sustainable and high-performance electric vehicles.
The company’s operations are primarily concentrated in the United States, which is its largest revenue market. Polestar’s commitment to innovation and sustainability is evident in its continuous efforts to enhance its product offerings and expand its market presence. Recent achievements include significant advancements in vehicle design, technology integration, and sustainable manufacturing practices.
In addition to its product lineup, Polestar has established strategic partnerships to further its mission of leading the electric vehicle market. These collaborations are aimed at enhancing technological capabilities, expanding market reach, and driving forward the electric vehicle revolution.
Investors and stakeholders can stay informed about Polestar’s developments and financial health through various updates and news releases, ensuring they have the latest information on the company’s performance and strategic initiatives.
Polestar (PSNY) has appointed Jonas Engström as its new Chief Operating Officer (COO). In his role, Engström will focus on delivering Polestar's expanding car programmes and managing daily operations, working closely with CEO Michael Lohscheller to implement the company's strategy across all business areas. Engström brings over 20 years of automotive industry experience, having joined Polestar in 2021 as Head of Product and Program before being promoted to Head of Operations in July 2023. Prior to Polestar, he held senior leadership positions at Volvo Cars, including Head of Product Strategy.
Polestar has begun delivering its first U.S.-manufactured Polestar 3 SUVs to customers in North America, with vehicles now being produced at their South Carolina plant. The deliveries, which started in the U.S. and Canada a few weeks ago, mark a significant milestone as Polestar expands from a one- to a three-car brand. Deliveries are set to accelerate in the coming weeks, with test drives available at Polestar Spaces across both countries. In Canada, deliveries are focused in Montreal, Toronto, and Vancouver, which represent over 90% of the country's EV market.
Polestar (PSNY) has expanded its charging network access, now offering customers in North America access to 17,800 Tesla Superchargers. In Europe, Polestar Charge provides access to over 850,000 charging points, including more than 20,000 Tesla Superchargers and networks like IONITY, Recharge, Total, Fastned, and Allego. Future Polestar vehicles in North America will include NACS inlet as standard, while current owners can obtain adapters through local service centers. The company also provides Tesla Supercharger access across 200+ cities in China.
Polestar (Nasdaq: PSNY) delivered approximately 11,900 cars in Q3 2024, bringing total deliveries for the first nine months of the year to 32,300, down from 41,844 in the same period of 2023. CEO Michael Lohscheller emphasized the company's strong foundation and ongoing strategy review. Polestar is transitioning to a more active sales model, which is showing positive results in early-adopting markets.
The company expects 2024 revenue to be similar to 2023 due to market conditions and new import duties. Polestar aims to achieve a positive gross profit margin in Q4 2024 and maintains its target of cash flow break-even towards the end of 2025, albeit at lower volumes than previously anticipated. The company is in discussions with lenders regarding loan covenants. A business and strategy update, including Q3 financial highlights, is scheduled for January 16, 2025.
Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY) has announced a strategic collaboration with Polestar (NASDAQ: PSNY), the Swedish electric performance car brand. Infosys will establish a global technology hub for Polestar at its development center in Bengaluru, India. This hub will focus on:
- EV software development and validation
- Infotainment, ADAS, and telematics
- Product management and customer engagement
- Cloud-native development and data engineering
Infosys will leverage its strategic assets, including engineering labs, design studio, and Living Labs, to enhance innovation. The collaboration aims to deliver in-car infotainment, Software and Electrical / Electronics engineering, user experience, and cloud-powered digital services for Polestar.
Polestar (Nasdaq: PSNY) has regained compliance with Nasdaq's Listing Rule 5450(a)(1) after its American Depositary Shares (ADSs) closed above $1.00 for at least ten consecutive business days. This follows a July 5, 2024 notification from Nasdaq that Polestar was not in compliance with the minimum bid price requirement. Per Ansgar, Polestar CFO, stated that the company is now fully compliant with Nasdaq listing rules, allowing them to focus on business execution and ramping up deliveries of their two performance SUVs.
Polestar, a Swedish electric performance car brand, aims to accelerate the shift to sustainable mobility. The company plans to have a lineup of five performance EVs by 2026, including the Polestar 2, 3, 4, 5, and 6. Polestar is also working on the Polestar 0 project, which aims to create a truly climate-neutral production car by 2030.
Polestar (Nasdaq: PSNY) has announced its Annual General Meeting (AGM) will be held in London on 7 October 2024. Key changes to the Board of Directors include:
1. Winfried Vahland to replace Håkan Samuelsson as Board Chair
2. Francesca Gamboni to succeed Jim Rowan as Volvo Cars representative
3. Christine Gorjanc and Xiaojie Shen (Laura) proposed as new Directors
Notably, Winfried Vahland has committed to investing 100% of his net remuneration as Chair for 2024 and 2025 in Polestar shares, demonstrating confidence in the company's future. Polestar continues to strengthen its position in the EV market with plans for a five-car lineup by 2026, including the recently launched Polestar 3 and the upcoming Polestar 4, 5, and 6 models.
Polestar (Nasdaq: PSNY) has appointed Jean-Francois Mady as its new Chief Financial Officer (CFO), effective 21 October 2024. Mady brings 25 years of experience in automotive finance and financial services across Europe, China, Asia, and India. He previously served as Senior Vice President of Global Accounting Operations and Finance Transformation at Stellantis Group.
Mady will replace Per Ansgar, who joined Polestar in January 2024 as a transitional CFO. Ansgar will remain with the company to ensure a smooth transition before returning to his role as CFO of Geely Sweden Holding AB. Incoming Polestar CEO Michael Lohscheller emphasized that one of the key priorities is to make Polestar a financial success, and Mady's appointment is an important step in that direction.
Polestar (Nasdaq: PSNY) reports 82% growth in global deliveries for Q2 2024, with 13,150 cars delivered. The company achieved a 30% improvement in inventory turnover, positively impacting cash flow. Key highlights include:
- Secured up to $300 million in additional external funding
- Appointed Michael Lohscheller as new CEO, effective October 1, 2024
- Commenced Polestar 4 SUV coupé deliveries in Europe
- Started production of Polestar 3 in South Carolina, USA
Financial results show a 26% decrease in revenue to $918 million for H1 2024, with a gross loss of $29.1 million. The company remains confident of a stronger second half of the year, particularly in Q4 as sales of premium SUVs build.
Polestar (Nasdaq: PSNY) announces a significant leadership change, with Michael Lohscheller appointed as the new CEO, effective October 1, 2024. Lohscheller, with extensive experience as CEO of Opel, VinFast, and Nikola, brings valuable expertise in scaling businesses and navigating competitive markets. He succeeds Thomas Ingenlath, who has led Polestar since its inception.
This transition comes as Polestar aims to expand its global footprint and strengthen its position in the premium electric vehicle market. The company's incoming Chairman, Winfried Vahland, expresses confidence in Lohscheller's ability to drive operational excellence, develop a coherent product strategy, and enhance Polestar's global market presence.
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