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Swedish performance EV maker Polestar (PSNY) reported its Q2 2023 earnings on Thursday, showing widening losses as production scales. Polestar is entering an “exciting” growth phase with two highly anticipated EVs scheduled for production.

Polestar hits record deliveries, but losses widen in Q2

Polestar delivered 15,765 EVs in the second quarter of the year, up 36% YOY. The EV maker has delivered a record 27,841 vehicles through the first half of the year as it ramps manufacturing capabilities.

After lowering its annual production guidance from 80K to between 60K and 70K in Q1, Polestar is sticking to its forecast for the year.

The EV maker posted revenue of $685 million, up from $589 million last year. Through the first six months of the year, revenue reached $1.2 billion, driven mainly by higher Polestar 2 sales.

Meanwhile, higher contract manufacturing costs and supplier chargers for semiconductors and batteries drove Polestar’s cost of sales 30% higher than last year, reaching $686 million, for a gross loss of (-$1 million).

As a result, Polestar’s net loss grew to $304 million, up from a loss of $228 million last year and $9 million in Q1.

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Polestar Q2 2023 earnings (Source: Polestar)

The EV maker ended the quarter with $1.06 billion in cash and equivalents, up from $974 million last year and $884 million in Q1.

Thomas Ingenlath, Polestar’s CEO, commented on the growth, saying, “We achieved record volume growth during the second quarter. Deliveries of our significantly upgraded Polestar 2 are now ramping up.”

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2024 Polestar 2 (Source: Polestar)

New EVs coming

The company launched the 2024 Polestar 2 in June, with upgrades including more range, RWD options, enhanced electric motors, and Polestar SmartZone.

Polestar is entering an “exciting” growth phase with two new EV models scheduled for production. Ingenlath said:

With Polestar 4 expected to start production in November and Polestar 3 in the first quarter of next year, we are entering an exciting phase of higher volumes and value from our expanded model range.

The Polestar 3 was initially slated to enter production this quarter but was pushed back until Q1 2024.

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Polestar 3 electric SUV (Source: Polestar)

Polestar said the delay was due to more time needed “for final software development of the new all-electric platform shared by Volvo Cars.”

The Polestar 3 is the company’s first electric SUV. It will launch in two versions – a long-range dual motor and a performance pack model. Both will have 111 kWh battery capacity.

Polestar’s standard version will feature an expected up to 300 miles range, starting at $82,900. Meanwhile, with 517 hp and 671 lb-ft of torque, the performance model will start at $89,900 with an expected 270-mile range.

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Polestar 3 (left) Polestar 4 (right) (Source: Polestar)

The Polestar 4 is an SUV coupe that combines “The aerodynamics of a coupe. The space of an SUV” with “The technology for the electric age.”

Polestar unveiled its SUV coupe at the Shanghai Auto Show in April. The model is scheduled to start production in November with a starting price of around $60,000. Deliveries in China are expected by the end of the year, with overseas markets planned for 2024.

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CATL unveils new EV battery that charges as fast as pumping gas

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CATL unveils new EV battery that charges as fast as pumping gas

China’s Contemporary Amperex Technology Co., Limited (CATL) has unveiled its latest battery cell technologies, which charge as quickly as filling up a gas tank while potentially lowering costs without compromise.

CATL has quickly become the world’s largest battery manufacturer by a wide margin. It is one of, if not the biggest, force for advancing electric transportation.

A big part of CATL’s success is due to its advancements in lithium-iron phosphate battery cells, also known as LFP. LFP cells are cheaper than nickel-rich batteries, but they used to have much lower energy density.

The Chinese battery manufacturers managed to close the gap somewhat while maintaining lower costs, resulting in LFP cells becoming popular for entry-level EVs.

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Now, CATL is looking to do the same with sodium-ion batteries.

Like LFP cells, sodium-ion battery cells have the potential to be cheaper than more common Li-ion cells, but they also offer potential for superior performance, particularly in terms of faster charging and longer lifecycles.

CATL has unveiled today Naxtra, its new sodium-ion battery cells, and it claimed some truly impressive specs.

The new cell reportedly achieves an energy density of 175 Wh per kg (385 Wh per lb), on par with the higher-end of LFP battery cells.

The new cells also offer potential for significant safety improvements.

CATL shared several intense stress tests, including drilling into a cell and even cutting it in half without any thermal event:

The next-gen sodium cells could help further lower the cost of electric vehicles without compromising performance, and while increasing safety.

On top of the new Naxtra cell, CATL has also unveiled its next-gen Shenxing LFP battery cells.

Its charge rate is truly impressive. CATL shared several examples of cars charging at around 1,000 kW and maintaining over 500 kW at over 50% state of charge:

The new cell is being described as capable of adding 300 miles (482 km) of range in about 5 minutes – depending on the EV model.

That’s virtually as quick as filling up a tank of gas.

CATL says that the Shenxing will be in 67 electric vehicle models by the end of the year.

The next-gen cell was unveiled after BYD, CATL’s biggest competitor, also unveiled its latest technology, capable of charging electric vehicles at extremely high speeds.

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New York adds $30 million more to its EV rebate pot

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New York adds  million more to its EV rebate pot

New York State has announced an extra $30 million for point-of-sale rebates to lease or buy more than 60 new EV models.

The rebates are available to consumers through New York’s Drive Clean Rebate program, which offers a point-of-sale rebate off the manufacturer’s suggested retail price (MSRP) of an EV at participating car dealerships in New York State.

The rebate is available in all 62 counties, with the highest rebate of $2,000 available for EVs with a greater-than-200-mile range. (For a 40- to 199-mile range, the rebate is $1,000.) The New York State Energy Research and Development Authority (NYSERDA) runs the program.

NYSERDA President and CEO Doreen M. Harris said, “Converting to EVs reduces the total cost of vehicle ownership through lower fuel and vehicle maintenance costs, and NYSERDA is proud to help provide New Yorkers with more purchasing power through these rebates.”

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The Drive Clean Rebate program has issued over 190,000 rebates to consumers since 2017, contributing to the more than 280,000 EVs on the road in New York State. 

NYSERDA also boosted its EV charging incentives. Through the Charge Ready NY 2.0 program, the state is boosting the cash available for Level 2 charger installations at apartment buildings, workplaces, and hotels from $2,000 to $3,000 per port. And if the chargers go into disadvantaged communities, that amount jumps to $4,000 per port.

New York has racked up over 17,000 public EV chargers, making it second only to California for charger count. On top of that, there are more than 4,000 semi-public stations tucked into workplaces and multifamily buildings across the state.

Read more: New York awards $60M to Revel to install 267 DC fast chargers


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ArcBest Freight and logistics company deploys 14 electric terminal tractors

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ArcBest Freight and logistics company deploys 14 electric terminal tractors

LTL carrier ArcBest Freight (ABF) announced plans to add five new Orange EV electric terminal tractors to its existing ZEV fleet, bringing its total deployment of these battery electric HDEVs to 14 … with even more to come.

LTL stands for “Less than Truck Load,” and basically means that, since whatever you’re shipping won’t take up a full container, you can share the costs of shipping with other customers with goods going the same way. You save a little more money and the shipper makes a little more money, making it a rare win-win scenario in the shipping space. And that’s important, because LTL containers amount to a massive 15% of total US shipping.

ABF has been putting Orange EV yard dogs to work in their LTL traffic terminals since their initial deployment of four trucks in June 2022. The company added five more a few years later, and just purchased five more — further underscoring their confidence in the benefits of transitioning their fleet to electric power.

“The Orange EV terminal trucks meet our operational requirements and expectations for safe, reliable, and affordable service and performance,” explains Matthew Godfrey, ABF Freight president. “We’re committed to responsible environmental management, and our investment in EVs aligns with our continuous efforts to enhance efficiency while maintaining exceptional service standards.”

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ABF joins other large logistics companies like YMX and DHL in deploying the Orange EV terminal trucks, which have logged hundreds of thousands of hours of service for their customers.

Electrek’s Take

Over at The Heavy Equipment Podcast, we had a chance to talk to Orange EV founder Kurt Neutgens ahead of last year’s ACT Expo for clean trucking. On the show (embedded, above), Kurt explained how his experience at Ford helped inform his design ideology, and that the Orange EV was designed to be cost competitive with diesel options, even without subsidies.

Give it a listen, then let us know what you think of the big yard dogs in the comments.

SOURCE | IMAGES: Orange EV; via PR Newswire.

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