Polestar Automotive Holding UK Ltd Stock Price, News & Analysis

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.

Polestar has begun delivering its first Polestar 4 SUV Coupes in Europe, expanding its lineup from one to three car models. Initial deliveries have taken place in Germany, Norway, and Sweden, with other European markets to follow soon. This milestone marks Polestar's growing global presence, following earlier deliveries in China.

CEO Thomas Ingenlath emphasized the significance of this expansion, positioning Polestar as a design-led premium luxury electric car brand in the global EV market. The company plans to start Polestar 4 production in South Korea in 2025, further increasing its manufacturing capabilities.

The Polestar 4 combines coupe aerodynamics with SUV spaciousness, featuring minimalist Scandinavian design. Customer deliveries in North America and Australia are expected to begin in Q4 2024. Polestar aims to have a lineup of five performance EVs by 2026, including the upcoming Polestar 5 and Polestar 6 models.

Polestar (Nasdaq: PSNY) has successfully filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2023, with the U.S. Securities and Exchange Commission. This filing has enabled the company to regain reporting compliance, meeting the requirements of Nasdaq Listing Rule 5250(c)(1). The Annual Report is now accessible to investors and interested parties through Polestar's Investor Relations website at www.investors.polestar.com.

This timely filing demonstrates Polestar's commitment to transparency and adherence to regulatory standards, which is important for maintaining investor confidence and its Nasdaq listing status. The availability of the report provides stakeholders with comprehensive insights into the company's financial performance and operations for the 2023 fiscal year.

Polestar (Nasdaq: PSNY) has announced the start of production for its luxury SUV, Polestar 3, in South Carolina, USA. This marks a significant milestone as it becomes the first Polestar vehicle manufactured on two continents. The South Carolina factory will produce cars for both US and European customers, complementing existing production in Chengdu, China.

CEO Thomas Ingenlath highlighted the importance of this move, stating it allows the company to offer American customers an electric SUV built in the USA. He also emphasized the positive reviews and strong customer interest in test drives for the Polestar 3. The company plans to further diversify its manufacturing footprint with Polestar 4 production set to begin in South Korea by mid-2025.

The Polestar 3 is described as a performance SUV for the electric age, featuring Scandinavian design, advanced technology, and excellent driving dynamics. It incorporates high-tech components like NVIDIA-powered centralized core computing and advanced safety systems.