Polestar Automotive Holding UK Ltd - PSNYW STOCK NEWS

Polestar (Nasdaq: PSNY) confirms the successful start of production of Polestar 4, with first deliveries to customers in China expected before the end of 2023 and in other markets in early 2024. The car is manufactured at the Hangzhou Bay factory operated by Geely Holding, powered by renewable electricity. It has the lowest carbon footprint of any Polestar car at launch, and incorporates various eco-friendly measures in its production. Polestar 4 was first launched at the Shanghai Auto Show in April 2023 and will be manufactured in Busan, South Korea, from the second half of 2025.

Polestar invites shareholders to attend an exclusive event on November 9, 2023 in Los Angeles.

Polestar reports Q2 results with 36% growth in vehicle deliveries compared to last year. Expects to deliver 60,000-70,000 vehicles and a gross margin of 4% in 2023.

Polestar has signed an agreement with Tesla to adopt the new North American Charging Standard (NACS), allowing Polestar drivers in the US and Canada to access Tesla's Supercharger network. From 2025, new Polestar vehicles sold in North America will come with the NACS charging port by default.

Polestar (Nasdaq: PSNY) has published its third Annual Sustainability Report, highlighting significant progress in reducing CO₂e emissions. The company achieved an 8% reduction in emissions per car sold compared to 2021, alongside a record 80% increase in vehicle deliveries, totaling nearly 51,500 cars in 2022. These reductions stem from improvements like using renewable energy and updating supply chains. Polestar's project aims for climate-neutral cars by 2030, with ongoing partnerships examining materials for sustainability.

Additionally, Polestar plans to file its Annual Report on Form 20-F by May 1, 2023.

Polestar Automotive Holding UK PLC (Nasdaq: PSNY) announced strong preliminary financial results for 2022, reporting total revenue of USD 2.5 billion, an impressive 84% year-over-year growth. The company delivered 51,491 cars, up 80% from 2021, driven by the success of Polestar 2. Cash and cash equivalents stood at USD 974 million as of December 31, 2022. However, operating loss increased to USD 1.29 billion, influenced by a one-time listing expense. For 2023, Polestar projects a 60% increase in global volumes, targeting approximately 80,000 cars. The company remains focused on enhancing its vehicle lineup and sustainability initiatives.

Polestar Automotive Holding UK PLC (Nasdaq: PSNY) has partnered with Say Technologies to enhance shareholder engagement through a Q&A platform for its upcoming earnings call on March 2, 2023. Verified shareholders can submit and upvote questions starting February 21, 2023, allowing management to address selected inquiries during the call at 08:00 ET (14:00 CET). This initiative aims to improve direct communication with shareholders, with a live webcast available for all to follow. Polestar, focused on sustainable mobility, continues to expand its presence in 27 global markets.

The Pathway Report, created by Kearney for Polestar (Nasdaq: PSNY) and Rivian (Nasdaq: RIVN), warns that the automotive sector is on track to exceed IPCC’s 1.5-degree limit by 75% by 2050. The report identifies urgent actions needed to cut greenhouse gas emissions, highlighting that passenger vehicles contribute 15% of global emissions. It urges a multifaceted approach, including accelerating EV adoption, enhancing renewable energy in power grids, and reducing emissions in manufacturing. The report emphasizes collective industry action and presents a financial opportunity for sustainable innovations.