Polestar Automotive Holding UK Ltd Stock Price, News & Analysis

Polestar Automotive Holding UK PLC (Nasdaq: PSNY) reported approximately 12,000 vehicle deliveries in Q1 2023, reflecting a 26% year-on-year increase. Building on over 51,000 global volumes in 2022, the company projects its total deliveries for 2023 to reach nearly 80,000 cars, a 60% year-on-year growth. This growth is primarily driven by strong demand for the Polestar 2 model. The Company plans to commence production of the Polestar 3 electric SUV in summer 2023 and launch the Polestar 4 shortly thereafter. The unaudited financial results for Q1 2023 are set to be announced on May 11, 2023, before market opening in the USA.

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.

Polestar (Nasdaq: PSNY) and Luminar (Nasdaq: LAZR) announced an expanded partnership to enhance the integration of Luminar’s lidar technology in future Polestar vehicles, including the anticipated Polestar 5, a four-door GT expected to launch in 2024. Orders for the Polestar 3 featuring Luminar's Iris lidar are now open in North America and Europe, with deliveries slated for late 2024. This collaboration aims to foster innovation in vehicle safety and autonomy, leveraging Luminar's advanced technology. Polestar's CEO emphasized the potential for enhanced design capabilities through this partnership.

Polestar Automotive Holding UK PLC (Nasdaq: PSNY) announced that it delivered approximately 21,000 vehicles in Q4 2022, totaling 51,500 for the year, an 80% increase YoY. The company expects 2023 global volumes to rise nearly 60% to around 80,000 cars, driven by strong demand for Polestar 2 and the upcoming Polestar 3. The unaudited preliminary financial results will be released on March 2, 2023, with a live audio webcast scheduled for 8:00 ET. The company continues to focus on supply chain management to meet growing demand while launching new models.

The collaboration between Polestar and Smart Eye will feature the innovative Polestar 3 driver monitoring system at CES 2023 in Las Vegas. This advanced driver monitoring technology includes two premium cameras that track the driver’s head and eye movements, aiming to enhance road safety by detecting distractions and initiating preventive measures. Polestar CEO Thomas Ingenlath emphasizes the system's potential to reduce accidents, while Smart Eye's technology has already been integrated into over one million vehicles worldwide.