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Polestar (PSNY) strengthened its financial position in Q4 as the Swedish EV maker enters an exciting year with two new electric vehicle launches.

The company’s fourth-quarter earnings are a breath of fresh air compared to most upcoming EV makers we’ve covered, with narrowing losses and surging revenues.

Polestar Q4 financial results

Polestar released its fourth quarter earnings and full-year 2022 earnings results Thursday, March 2 before market opening, highlighting a solid end to the year with slimming losses and higher-than-expected sales.

After beating its goal and delivering 51,491 cars last year, the Swedish EV marker reported revenue of $2.5 billion last year, up 84% from 2021 and exceeding Wall Street expectations of $2.4 billion.

Perhaps, more importantly, Polestar cut its losses in half last year (a rarity these days) with a net loss of $465 million, compared to over $1 billion in 2021.

Polestar says a higher gross profit of $118.5 million was due to rising Polestar 2 sales and lower fixed manufacturing costs.

Polestar-Q4-2022-earnings
Polestar Q4 and full-year 2022 earnings (Source: Polestar)

In Q4, revenue swelled to $985.2 million on the back of Polestar’s first fully electric car. The company ended the year with nearly $1 billion in liquidity as it moves to expand its presence globally.

CEO Thomas Ingenlath expects the momentum to continue with an “exciting year” ahead in 2023, as he explained on the company’s earnings call.

A big year for Polestar

Polestar aims for 80,000 vehicle deliveries in 2023, an increase of around 60% from this past year.

The company launched a major update to the 2024 Polestar 2 with a new high-tech front end, more powerful electric motors and batteries, and additional rear-wheel-drive.

Polestar continues building its brand in the US, but as Ingenlath explains on the company’s earnings call, although you may not see as many Polestar vehicles in the US as brands like Rivian or Lucid, the brand is global and can be found in places these EV makers have not entered yet.

Polestar has an advantage over other upcoming EV markers like Rivian with the “agility of a startup” and “stability of established players” from parent companies Volvo and Geely.

Rather than building costly new electric vehicle manufacturing plants like other startups, Polestar can convert existing factories, such as the one opened by Volvo in Ridgeville, SC, where the Polestar 3 will be built.

The Polestar 3, the company’s first electric SUV, debuted in October with over 300 miles range. The electric SUV is expected to play a key role in expanding the Polestar brand, with deliveries expected by the end of the year.

In addition, Polestar is launching an electric performance SUV coupe this year, the Polestar 4, poised to take on top EVs in the segment like the Tesla Model Y.

Next year, Polestar will follow it up with an electric performance 4-door GT, the Polestar 5.

Polestar stock is up over 20% following its Q4 release after falling over 50% in the past 12 months as investors digest the news.

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Massachusetts launches a two-year V2X pilot program

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Massachusetts launches a two-year V2X pilot program

Massachusetts is launching a first-of-its-kind statewide vehicle-to-everything (V2X) pilot program. This two-year initiative, backed by the Massachusetts Clean Energy Center (MassCEC), aims to deploy 100 bidirectional chargers to homes, school buses, municipal, and commercial fleet participants across the state.

These bidirectional chargers will enable EVs to serve as mobile energy storage units, collectively providing an estimated 1.5 MW of new storage capacity. That means EVs won’t just be getting power – they’ll be giving it back to the grid, helping to balance demand and support renewable energy use. The program is also focused on ensuring that low-income and disadvantaged communities have access to this cutting-edge tech.

The Massachusetts pilot is one of the largest state-led V2X initiatives in the US and is designed to tackle key challenges in deploying bidirectional charging technology. By strategically placing these chargers in a variety of settings, the program aims to identify and resolve barriers to wider adoption of V2X technology.

Massachusetts EV owners and fleet operators enrolled in the program will get bidirectional chargers capable of both vehicle-to-grid (V2G) and backup power operations at no cost. Here’s what they stand to gain:

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  • No-cost charging infrastructure: Bidirectional charging stations and installation are fully covered for participants.
  • Grid resilience: With an estimated 1.5 MW of new flexible and distributed storage assets, the program strengthens Massachusetts’ energy infrastructure.
  • Clean energy integration: V2G technology allows EVs to charge when renewable energy is available and discharge stored energy when it’s not, supporting the state’s clean energy goals.
  • Backup power: EV batteries can be used as backup power sources during outages.
  • Revenue opportunities: Some participants can earn money by sending stored energy back to the grid.

Clean energy solutions firm Resource Innovations and vehicle-grid integration tech company The Mobility House are leading the program’s implementation. “With the charging infrastructure provided through this program, we’re eliminating financial barriers and enabling school districts, homeowners, and fleets to access reliable backup power,” said Kelly Helfrich of Resource Innovations. “We aim to create a scalable blueprint for V2X programs nationwide.”

“Bidirectional charging benefits vehicle owners by providing backup power and revenue opportunities while strengthening the grid for the entire community,” added Russell Vare of The Mobility House North America.

The program is open for enrollment now through June 2025. For more details, visit the MassCEC V2X Program webpage. A list of eligible bidirectional vehicles can be found on that page.

Read more: Cambridge’s new solar VPPA is the largest ever by any US city


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Compton, California, just got its first 25 electric school buses

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Compton, California, just got its first 25 electric school buses

Compton, California, has unveiled 25 new electric school buses – the school district’s first – and 25 Tellus 180 kW DC fast chargers.

Compton Unified School District (CUSD) in southern Los Angeles County is putting 17 Thomas Built Type A and eight Thomas Built Type C electric school buses on the road this spring. In addition to working with Thomas Built, CUSD also collaborated with electrification-as-a-service provider Highland Electric Fleet, utility Southern California Edison, and school transportation provider Durham School Services.

Environmental Protection Agency’s (EPA) Clean School Bus Program awarded funds for the vehicles in the program’s first round. EPA also awarded CUSD funds for the third round of the program and anticipates introducing an additional 25 EV school buses in the future.

“I can’t stress enough how vital grants like these are and the need for continued support from our partners in government at the state and federal level to fund additional grants for school districts and their transportation partners that are ready to deliver and operate zero-emission buses,” said Tim Wertner, CEO of Durham School Services.

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CUSD, which serves Compton and parts of the cities of Carson and Los Angeles, currently serves more than 17,000 students at 36 sites. The district has a high school graduation rate of 93% and an 88% college acceptance rate. One in 11 children in Los Angeles County have asthma, which makes the need for emissions-free school transportation that much more pressing.

Read more: Thomas Built Buses debuts its next-gen electric school bus


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Rivian’s R1S electric SUV just got way cheaper to lease

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Rivian's R1S electric SUV just got way cheaper to lease

After cutting lease prices by $200 this month, the Rivian R1S is now surprisingly affordable. It may even be a better deal than the new Tesla Model Y.

Rivian cuts R1S lease prices by $200 per month

Rivian’s R1S is one of the hottest electric SUVs on the market. If you haven’t checked it out yet, you’re missing out.

With some of the best deals to date, now may be the time. Rivian lowered R1S lease prices earlier this month to just $599 for 36 months, with $8,493 due at signing (30,000 miles). The offer is for the new 2025 R1S Adventure Dual Standard, which starts at $75,900.

Before the price cut, the R1S was listed at $799 per month, with $8,694 due at signing. The electric SUV now has the same lease price as the R1T, despite costing $6,000 more.

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The 2025 R1T Dual Motor starts at $69,900, essentially making it a free $6,000 upgrade. At that price, you may even want to consider it over the new Tesla Model Y.

Tesla’s new Model Y Launch Series arrived with lease prices of $699 for 36 months. With $4,393 due at signing, the effective rate is $821 per month, or just $13 less than the R1S at $834. However, the 2025 R1S costs nearly $15,000 more, with the Model Y Launch Series price at $59,990.

Rivian is also offering an “All-Electric Upgrade Offer” of up to $6,000 for those looking to trade-in their gas-powered car, but base models are not included.

Starting Price Range
(EPA-est.)
2025 Rivian R1S Dual Standard $75,900 270 miles
2026 Tesla Model Y Launch Series $59,990 327 miles
Rivian R1S Dual Standard vs new Tesla Model Y Launch Series

To take advantage of the Rivian R1S lease deal, you must order it before March 15 and take delivery on or before March 31, 2025.

The 2025 Rivian R1S Dual Standard Motor has an EPA-estimated range of up to 270 miles. Tesla’s new Model Y Launch Series gets up to 327 miles.

Which electric SUV would you choose? Rivian’s R1S or the new Tesla Model Y? If you’re ready to check them out for yourself, you can use our links below to find deals on the Rivian R1S and Tesla Model Y in your area.

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