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EV maker Polestar (PSNY) hit another record in the first three months of 2023, delivering over 12,000 vehicles in Q1. Despite the strong start, Polestar says it will delay the onset of production of its electric SUV, the Polestar 3, as it finalizes software development. On top of this, the EV is cutting its annual production guidance for the year.

Polestar 3 electric SUV production delayed

Polestar continues growing its presence globally, with over 100,000 cars on the road across 27 markets.

Last month, Polestar said it was on track to hit its goal of delivering 80,000 vehicles this year. Despite delivering a record 12,076 models in the first three months of 2023, up 26%, Polestar announced in its first quarter earnings Thursday it now expects global volumes of 60,000 to 70,000, still representing 16% to 36% growth YOY from the 50,000 achieved in 2022.

Meanwhile, Polestar says it will delay the start of production for its first electric SUV, the Polestar 3, until the first quarter of 2024.

The company gave the following information as to why production is being pushed back:

Polestar was recently informed that additional time for final software development of the new all-electric platform shared by Volvo Cars is needed.

Volvo Cars also announced today it will be delaying EX90 production into the first half of 2024 for the same reasons. Polestar CEO Thomas Ingenlath added:

We are taking necessary steps to strengthen Polestar in the near-term. While production of Polestar 3 will now start in the first quarter of 2024, the successful launch of Polestar 4 last month means that we add two strong offers in the attractive electric SUV market in 2024. I am confident that we will deliver on our growth ambitions and path towards profitability.

Although the EV maker expected the Polestar 2 to make up the majority of deliveries this year, the Polestar 3 production delay is likely a factor in the lower annual guidance.

Polestar-3-production

Polestar Q1 financial results and highlights

In the first quarter of 2023, Polestar’s top line grew 21% but still fell short of Wall St. expectations.

Polestar generated $546 million in revenue, slightly lower than Wall St. estimates of around $570 million. The revenue was driven by Polestar 2 sales expanding globally.

Polestar-Q1-earnings
Polestar Q1 earnings highlights (Source: Polestar)

Gross profit increased by $25 million after Polestar raised prices to offset higher input and transportation costs. As a result, Polestar’s operating losses fell by $60 million, or 23%, amid cost-cutting measures and higher gross profits.

Altogether, Polestar posted a net loss of nearly $9 million, compared to a loss of $274.5 million in the first quarter of 2022.

Polestar ended the quarter with $884 million in cash and equivalents, down slightly from nearly $974 million at the end of the year.

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Power stocks plunge as energy needs called into question because of new China AI lab

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Power stocks plunge as energy needs called into question because of new China AI lab

The cooling towers of the Three Mile Island nuclear power plant in Middletown, Pennsylvania, Oct. 30, 2024.

Danielle DeVries | CNBC

Power companies that are most exposed to the tech sector’s data center boom plunged early Monday, as the debut of China’s DeepSeek open source AI laboratory led investors to question how much energy artificial intelligence applications will actually consume.

Constellation Energy and Vistra Corp. tumbled more than 16% in morning trading. GE Vernova slid about 18% while Talen Energy lost more than 15%.

Constellation, Vistra and GE Vernova have led the S&P 500 this year as investors speculated that AI data centers will boost demand for enormous amounts of electricity.

But DeepSeek has developed a model that it claims is cheaper and more efficient than U.S competitors, raising doubts about the vast sums of money the tech sector is pouring in to data centers.

The tech companies have anticipated needing so much electricity to supply data centers that they have increasingly looked to nuclear power as a source of reliable, carbon-free energy.

Constellation, for example, has signed a power agreement with Microsoft to restart the Three Mile Island nuclear plant outside Harrisburg, Pennsylvania. Talen is powering an Amazon data center with electricity from the nearby Susquehanna nuclear plant.

Vistra has not inked a data center deal yet, though investors see promise in its nuclear and natural gas assets. GE Vernova has soared this year as the market believes its gas and electric grid businesses will benefit from AI demand.

This is a developing story. Please check back for updates.

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BP celebrates the opening of its first TA DC fast charging hub in Florida

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BP celebrates the opening of its first TA DC fast charging hub in Florida

Executives from TravelCenters America (TA) and BP were joined by local elected officials at a ribbon cutting for the two companies’ first DC fast charging hub on I-95 in Jacksonville, Florida – the first of several such EV charging stations to come online.

Frequent road-trippers are no doubt familiar with TA’s red, white, and blue logo and probably think of the sites as safe, convenient stops in otherwise unfamiliar surroundings. The company hopes those positive associations will carry over as its customers continue to switch from gas to electric at a record pace in 2025 and beyond.

“Today marks a significant milestone in our journey to bring new forms of energy to our customers as we support their changing mobility needs, while leveraging the best of bp and TA,” explains Debi Boffa, CEO of TravelCenters of America. Boffa, however, was quick to – but TA is quick to point out that TA isn’ no’t leaving its ICE customers behind. “While this is significant, to our loyal customers and guests, rest assured TA will continue to provide the same safe and reliable fueling options it has offered for over 50 years, regardless of the type of fuel.”

The charging hub along the I-95 offers 12 DC fast charging ports offering up to 400kW of power for lickety-quick charging. While they’re at the TA, EV drivers can visit restrooms, shop at TA’s convenience store, or eat at fast food chains like Popeyes and Subway. Other TA centers offer wifi and pet-friendly amenities as well – making them ideal partners for BP as the two companies builds out their charging networks.

As we expand our EV charging network in the US, I am thrilled to unveil our first of many hubs at TA locations,” offers Sujay Sharma, CEO of BP Pulse Americas. “These sites are strategically located across key highway corridors that provide our customers with en route charging when and where they need it most, while offering convenient amenities, like restaurants and restrooms.”

Electrek’s Take

TA/BP charging center concept for HDEVs; via BP.

As I type this, BP has more than 37,000 EV charging ports operational globally, and plans to have more than 100,000 in service by 2030. The company made headlines in 2022 when it announced that its EV chargers were “on the cusp” of being more profitable than its gas pumps. Three years on, it seems like that’s a done deal.

As ever, money talks.

SOURCE | IMAGES: BP.

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E-quipment highlight: Toro e2500 THL and TS Electric Ultra Buggies

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E-quipment highlight: Toro e2500 THL and TS Electric Ultra Buggies

The new e2500-THL and TS electric Ultra Buggies from Toro offer construction and demo crews a carrying capacity of 2500 lbs. (on the TS model), six-and-a-half foot dump height (on the THL), nearly 13 cubic ft. of capacity, and hours of quiet, fume-free operation.

Despite the second Trump administration’s loosening grip on emissions regulations, the fact remains that a growing number of municipalities in both red and blue regions of the US are continuing to clamp down on noise regulations, which means that construction crews with quiet running electric equipment will be able to get jobs that crews stubbornly holding on to diesel and gas won’t. Toro absolutely gets it, which is why its e2500-THL and TS Ultra Buggy line will be welcomed by smart crews with open arms.

For their open-mindedness, those crews will be rewarded with machines powered by 7 kWh’s worth of Toro HyperCell lithium-ion battery. That’s good enough for up to eight hours of continuous operation, according to Toro – enough for two typical working shifts.

And, thanks to the Toro Ultra Buggies’ narrow, 31.5″ width, they can easily navigate man doors on inside jobs, as well, making them ideal for indoor demolition and construction jobs. A zero-turn radius and auto-return dump mechanism that ensures the tub automatically returns to the proper resting position make things easy for the operator, too.

Toro says that each of its small (for Toro) e2500 Ultra Buggy units can replace as many as five wheelbarrows on a given job site. Pricing is expected to start at about $32,000.

Electrek’s Take

Electric equipment makes job sites cleaner, quieter, and safer than they are under diesel or gas power – and as more municipal and private sector RFPs begin to enforce ZEV requirements and quiet hours, more and more viable electric alternatives to ICE power will start to show up on more and more job sites (regardless of who is in the White House).

SOURCE | IMAGES: Toro, via Construction Equipment.

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