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Polestar Automotive Holding UK Ltd (PSNYW) drives innovation in premium electric vehicles through cutting-edge design and sustainable engineering. This news hub provides investors and industry observers with essential updates on corporate developments shaping the future of electric mobility.
Track official announcements including quarterly financial results, new vehicle launches, and strategic technology partnerships. Our curated collection features press releases detailing manufacturing milestones, sustainability initiatives, and market expansion plans that demonstrate Polestar's leadership in high-performance EV development.
Discover how Polestar's commitment to carbon-neutral production and advanced driver-assistance systems positions the company within the competitive luxury EV sector. Regular updates provide insights into operational strategies while maintaining focus on long-term environmental goals.
Bookmark this page for streamlined access to verified information about PSNYW's progress in redefining sustainable transportation. Check back frequently for real-time updates on product innovations and corporate announcements directly from corporate sources.
Polestar (NASDAQ: PSNY) has released its fourth Annual Sustainability report, highlighting a significant 24.7% reduction in carbon footprint per sold car since 2020. The achievement stems from increased use of low-carbon aluminum, improved battery manufacturing, 100% renewable electricity in production, and enhanced logistics with biofuels.
The company's Polestar 0 project, launched in 2021, has identified solutions potentially reducing Polestar 2's carbon footprint by 10 tonnes. The project is evolving with the establishment of the Mission 0 House research center in Gothenburg, focusing on eliminating greenhouse gas emissions in materials and processes.
Key sustainability initiatives include joining the Initiative for Responsible Mining Assurance (IRMA), expanding material traceability, and increasing recycled content, with Polestar 4 now containing 10% recycled materials. The company maintains its commitment to becoming climate-neutral across its value chain by 2040, with an interim target of halving greenhouse gas emissions per vehicle sold by 2030.
Polestar (PSNY) reported strong Q1 2025 performance with retail sales volumes reaching 12,304 cars, marking a significant 76% increase compared to Q1 2024's 6,975 units. Sales remained stable versus Q4 2024, despite challenging economic conditions.
The growth is attributed to increased uptake of newer models and the company's transition to an active selling model. CEO Michael Lohscheller expressed satisfaction with the progress in transforming commercial operations, citing more retail partners and attractive vehicles as key factors while noting careful monitoring of the volatile geopolitical environment.
The company plans to publish its full year 2024 results and file its annual report on Form 20-F by the end of April 2025.
Polestar (PSNY) has strengthened its financial position by securing two significant facilities: a new USD 450 million 12-month term facility in February 2025, and the renewal of its EUR 480 million Green Trade Finance Facility. This follows the company's previous securing of over USD 800 million in 12-month term facilities in December 2024.
The Green Trade Finance Facility, initially established in February 2022 with a syndicate of leading global banks to support working capital requirements, has been successfully renewed. The company plans to release its Q1 2025 global retail sales volumes on April 10, 2025, with fourth quarter and full-year 2024 results expected to be published alongside its Annual Report on Form 20-F in April 2025.
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.
