Polestar Automotive Holding UK PLC Class C-1 ADS (ADW) - PSNYW STOCK NEWS

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.

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.

Polestar (Nasdaq: PSNY) has announced the appointment of Philipp Römers as the new Head of Design. Römers brings over 25 years of automotive design experience, previously serving as Head of Exterior Design at AUDI AG and as a leading designer at Volkswagen AG. He succeeds Maximilian Missoni, who is leaving Polestar after 6 years to pursue a new role elsewhere.

Polestar CEO Thomas Ingenlath expressed gratitude for Missoni's contributions in establishing Polestar's innovative design standards. Ingenlath welcomed Römers, highlighting his modern approach to automotive design and experience in the luxury and performance segment as valuable assets for Polestar's future model line-up development.