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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 announced an updated strategy targeting compound annual retail sales volume growth of 30-35% for 2025-2027 and positive adjusted EBITDA in 2025. The company expects positive free cash flow after investments by 2027. Polestar 3 and Polestar 4 represented 56% of order intake in Q4 2024, with retail sales increasing 5.3% and order intake rising 37.2% compared to the same quarter last year.
The company revealed plans for Polestar 7, a premium compact SUV to be manufactured in Europe, expanding its global manufacturing network beyond USA, South Korea, and China. Polestar will increase retail spaces by 75% until 2026 and start sales in France in 2025. The company expects significant revenue from CO2 credit sales and is launching Polestar Energy, offering smart home charging solutions that could reduce charging costs by up to 30%.
Polestar (PSNY) reports Q3 2024 results with declining performance metrics and updates FY 2024 guidance. Revenue decreased 10% to USD 551 million in Q3 2024, while retail sales fell 8% to 12,548 cars compared to Q3 2023. The company posted a USD 323 million net loss and USD 180 million adjusted EBITDA loss, though showing a 28% EBITDA improvement versus Q3 2023.
The company ended Q3 with a USD 501 million cash balance and secured over USD 800 million in bank facilities in December. Due to adverse market conditions, Polestar updated its FY 2024 guidance, now expecting a mid-teens percentage decline in revenue and negative gross margin. The company is working to secure an additional USD 400 million loan facility and announced plans to restate financial statements for 2022 and 2023 due to balance sheet errors.
Polestar (PSNY) reported Q4 2024 retail sales of 12,256 cars, marking a 5.3% increase compared to Q4 2023. However, full-year 2024 sales totaled 44,851 vehicles, representing a 15% decline from 2023's 52,796 units.
Notable improvements were seen in order intake, which increased by 37.2% in Q4 2024 compared to the same quarter last year. The company's newer models, Polestar 3 and Polestar 4, accounted for 56% of Q4 2024 order intake, indicating strong market reception for these vehicles.
The company has revised its definition of global volumes to align with industry standards, now focusing on retail sales to end customers. This change affects historical reporting figures, which have been adjusted and provided in a detailed appendix.
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.
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