Welcome to our dedicated page for Polestar Automotive Holding UK news (Ticker: PSNYW), a resource for investors and traders seeking the latest updates and insights on Polestar Automotive Holding UK stock.
Polestar Automotive Holding UK PLC Class C-1 ADS (PSNYW) is tied to Polestar, a Swedish electric performance car brand listed on Nasdaq. The company regularly issues news releases covering retail sales volumes, financial results, funding transactions and capital structure changes, all of which can be relevant to investors following PSNYW. Polestar operates in the automobile manufacturing industry with a focus on electric vehicles, and its disclosures often combine operational updates with information about its global footprint and sustainability roadmap.
News about Polestar frequently highlights retail sales performance, including quarterly and year-to-date volumes, growth rates and the contribution of its model line-up. The company has reported record retail sales, expansion of its dealer and sales network and entry into new markets. Financial news items include unaudited results for half-year and nine-month periods, with details on revenue, gross margin, adjusted gross margin, net loss and adjusted EBITDA, as well as commentary on cost management and pricing conditions.
Investors tracking PSNYW will also see announcements on equity financings, term loan facilities and other funding arrangements, such as PIPE investments and debt-to-equity conversions with entities related to Geely Sweden Holdings AB. Additional releases describe changes to the ratio of American Depositary Shares to ordinary shares and communications with Nasdaq about listing requirements and minimum bid price compliance.
Company news regularly reiterates Polestar’s sustainability targets, its presence in 28 markets across North America, Europe and Asia Pacific, and its model plans, including Polestar 2, Polestar 3, Polestar 4, Polestar 5 and future models such as Polestar 6 and Polestar 7. For users interested in PSNYW, this news flow provides context on operational momentum, financing activity and regulatory developments. Bookmarking the news feed for PSNYW can help readers follow these updates as Polestar publishes new press releases and SEC-furnished information.
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.
Polestar (Nasdaq: PSNY) unveiled its latest model, the Polestar Concept BST, at the Goodwood Festival of Speed. This new concept vehicle features bespoke bodywork with motorsport-inspired design elements, including flared arches, a vented bonnet, and 22-inch forged alloy wheels. The Polestar Concept BST will be displayed alongside the Polestar 2, Polestar 3, and Polestar 4 electric SUVs, as well as the Polestar 6 Concept, which will make its dynamic debut by driving up the festival's iconic 1.2-mile hill climb. Additionally, Polestar 3 and Polestar 4 are now available for order, with test drives commencing for both models soon.
Polestar (Nasdaq: PSNY) has received a notice from Nasdaq regarding non-compliance with the $1.00 minimum bid price requirement under Listing Rule 5450(a)(1). The company has 180 days, until January 2, 2025, to regain compliance by achieving a closing bid price of $1.00 or higher for ten consecutive business days. If necessary, an additional 180-day compliance period may be granted. Currently, this notice does not affect the trading of Polestar’s securities, which continue to be listed on Nasdaq pending adherence to other listing requirements. Polestar remains optimistic about its financial targets, projecting cash flow break-even by the end of 2025, supported by an expanding model lineup and diversified manufacturing.
Polestar (Nasdaq: PSNY) reported robust results for Q1 2024 and significant growth in global deliveries for Q2 2024. The company delivered 7,200 cars in Q1 and 13,000 cars in Q2, marking an 80% increase. H1 deliveries totaled 20,200 vehicles. The company's cash and cash equivalents stood at USD 784 million as of March 31, 2024.
Polestar announced key organizational changes and plans for geographic expansion to seven new markets in 2025. They also highlighted the launch of two new SUVs, Polestar 3 and Polestar 4, with production slated to begin in South Carolina and South Korea, respectively.
Despite strong momentum, Polestar faced a 36% revenue decline to USD 345.3 million and a gross loss of USD 30.8 million. This was driven by lower vehicle sales and higher discounts. Operating loss rose to USD 231.7 million. Polestar completed staff reductions, trimming their workforce by 15%.
Looking forward, Polestar expects improved revenue in the latter half of the year, aiming for cash-flow breakeven by the end of 2025.
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