Polestar Automotive Holding UK Ltd - PSNYW STOCK NEWS

Polestar (NASDAQ: PSNY) has initiated the first customer deliveries of its Polestar 3 electric SUVs, marking a significant milestone for the company. The initial vehicles are being delivered across two continents, with more expected throughout the summer. Due to high customer interest, initial test drive slots were oversubscribed, prompting the company to offer additional slots. The first handovers in Gothenburg were celebrated with a special event. CEO Thomas Ingenlath highlighted the importance of this milestone, emphasizing Polestar's growing global presence and diverse electric vehicle range. Further deliveries are scheduled in Germany, Norway, and the USA, with American deliveries starting in California, Illinois, Indiana, and New York.

Polestar (Nasdaq: PSNY) has announced significant changes in its board leadership. Håkan Samuelsson, the current Board Chair, will retire, and Winfried Vahland will succeed him following the Annual General Meeting of Shareholders. Carla De Geyseleer, the Audit Committee Chair, will not stand for re-election to focus on her executive role. Two new directors, Christine Gorjanc and Xiaojie Shen (Laura), have been proposed to join the board, bringing extensive experience in finance and the automotive industry. The company is poised to strengthen its market position with new models like Polestar 3, 4, and 5, underlining its commitment to performance and design in the evolving EV market.

Polestar (Nasdaq: PSNY) is expanding its commercial footprint and retail operations across existing and new markets. The company is shifting to a non-genuine agency sales model in Europe, enhancing online and retail access to its products. Sweden and Norway have already adopted this model, with other key markets to follow. Polestar plans to enter seven new markets in 2025, including France, Czech Republic, Slovakia, Hungary, Poland, Thailand, and Brazil. New leadership appointments have been made to support this expansion, with experienced executives joining from Volvo Cars and NIO. These initiatives aim to capitalize on Polestar's strong brand and growing model line-up, featuring two new SUVs.

Polestar (Nasdaq: PSNY) is integrating renewable fuels on its ocean freight routes, which account for around 75% of its total transportation emissions. The company is operating its Vehicle Processing Center (VPC) in Belgium with 100% renewable electricity. Renewable fuel will be used for approximately 65% of outbound ocean freight from Asia to Belgium, with plans to extend this to North America. Utilizing B30 Biofuel, which contains 30% Fatty Acid Methyl Esters (FAME), emissions from these routes can be reduced by 20-25%. Polestar's use of 100% FAME fuel for inter-continental inbound ocean freight reduces greenhouse gas emissions by 84%. The company aims for climate neutrality by 2040 and has reduced greenhouse gas emissions per sold car by 9% during 2023 compared to 2022.

Polestar (Nasdaq: PSNY) has announced that it plans to release its full year 2023 annual report and preliminary unaudited financial and operational results for the first quarter of 2024 by the end of June. The company will file the Annual Report on Form 20-F. Shareholders will have the opportunity to ask questions through the Say Technologies platform. Further information, including the specific publication date and links to the live audio webcast, will be provided later.

Polestar (Nasdaq: PSNY) has received a deficiency notice from Nasdaq due to its failure to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2023. This notice confirms non-compliance with Nasdaq Listing Rule 5250(c)(1), which mandates timely filing of all required financial reports with the SEC. The notice does not immediately impact Polestar's listing, and its securities will continue to trade on the Nasdaq exchange. Polestar has 60 days to submit a compliance plan, potentially extending their deadline to November 11, 2024, if approved. The company has secured a waiver from its lenders for the late filing and is focused on regaining compliance by filing the required annual report and subsequent quarterly results as soon as possible.

Polestar and StoreDot have successfully demonstrated the implementation of StoreDot’s Extreme Fast Charging (XFC) technology in a car for the first time, charging a Polestar 5 prototype from 10-80% in just 10 minutes. The battery pack, which has the potential for an extended range of 200 miles in 10 minutes, signifies a significant advancement in electric vehicle charging technology. This breakthrough showcases the potential for widespread electric car adoption by addressing charging anxiety and offering a comparable charging experience to traditional fuel-powered vehicles.