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Swedish EV maker Polestar (PSNY) said it expects to hit the lower end of its 2023 delivery target on Wednesday. Despite the lower expectations, Polestar says new EV launches will drive up demand. Its first electric SUV coupe, the Polestar 4, begins production next week.

Polestar lowers 2023 delivery goal

Polestar delivered 13,976 vehicles in the third quarter, up 51% year-over-year. However, the number is down from 15,800 in the second quarter.

The YOY growth comes amid the Polestar 2 rollout, including the recently launched upgraded 2024 model.

Polestar expects the higher-priced model to help improve models going into the end of the year. Although higher deliveries pushed revenue up to $367.7 million (+25%) in Q3, increased costs led to gross profits slipping 63% to $36.3 million.

Higher expenses in the quarter led to an operating loss of $261 million, up 33% compared to last year. Meanwhile, gross profits fell to 3.6% from 4.1% last year.

Polestar expects to hit the lower end of its 2023 delivery target with around 60,000 vehicles. The EV maker had already slashed its target in May from 80,000 to between 60,000-70,000.

Polestar-delivery-target
2024 Polestar 2 (Source: Polestar)

Due to the lower delivery expectations, Polestar says gross margins will be around 2% for the year, down from 4%.

The company said it was cutting costs to improve efficiency. Polestar had $951.1 million in cash at the end of September. However, it secured another $450 million in loans from its top two investors, Volvo and Geely.

Polestar-delivery-target

New EV models to accelerate demand

Despite the lower near-term expectations, Polestar expects the launch of new electric models to drive up demand.

The company’s first electric SUV coupe, the Polestar 4, will begin production next week. Polestar will start delivering the new EV to customers next month.

Polestar-delivery-target
Polestar 3 (left) Polestar 4 (right) (Source: Polestar)

Meanwhile, the Polestar 3 electric SUV is “on track” to begin production in China in early 2024 and over the summer in the US. The company said its electric SUV recently completed hot weather testing in the UAE.

The Polestar 3 is “better positioned” for the US market, according to CEO Thomas Ingenlath. Polestar’s electric SUV (launch edition) will start at $83,900 in the US with up to 300 miles range.

Polestar-delivery-target
Polestar 3 (Source: Polestar)

Powered by the same platform as the new Volvo EX90, the Polestar 3 will be available in two trims – a long-range dual motor and a performance pack version. Both will use a 400V battery with 111 kWh capacity.

Polestar will continue developing the brand, focusing on increasing volume and profitability. With four models expected (including the Polestar 5), the EV maker aims to deliver around 155,000-165,000 vehicles.

By mid-decade, Polestar expects gross profit margins in the high teens. The company says an improved offering of vehicles and additional measures will help boost profitability.

Polestar also teased a new plant on the company’s earnings call that would not be in China but didn’t specify where.

Electrek’s Take

With one fully electric vehicle currently, Polestar expects to hit the lower end of its delivery target this year.

Meanwhile, the EV maker expects new launches, including the Polestar 3 and 4, to increase demand. So is it an EV demand problem, or is it that Polestar doesn’t have models in the right segments yet?

Polestar said it will continue a “targetted approach” with EV models like the Polestar 3 aligning with the US market.

Other EV makers have reported mixed results. Although Lucid also lowered its target, Rivian raised it for the second time this year. Again, is it the market, or is it the models?

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2024 Cadillac LYRIQ buyers could score $10,500 in discounts

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2024 Cadillac LYRIQ buyers could score ,500 in discounts

The all-electric Cadillac LYRIQ was an Electrek favorite when it first made its debut two years ago. Now, LYRIQ buyers who have been waiting for a deal can score more than $10,500 in discounts on the Ultium-based Caddy.

Our own Seth Weintraub said that GM had come in, “a year early and dollar long at $60K” when he first drove the Ultium-based Cadillac LYRIQ back in 2022. He called the SUV “a stunner,” too, heaping praise on the LYRIQ’s styling inside and out before adding that the EV’s ride quality really impressed on long journeys.

Well, if the first mainstream electric Cadillac was a winner at its original, $57,195 starting price (rounded up to $60K for easy math), what could we call it at $10,500 less?

That’s a question that’s suddenly worth asking, thanks to huge GM discounts on the LYRIQ that prompted the automotive pricing analysts at CarsDirect to name the 2024 LYRIQ one of the industry’s “Best New Car Deals” this month:

A slew of incentives can enable you to save big on a 2024 Cadillac LYRIQ. First, EVs eligible for the federal tax credit qualify for $7,500 in Ultium Promise Bonus Cash from GM. Additionally, competing EV owners can score $3,000 in conquest cash.

Meghan Carbary | CarsDirect

With more than 100 kWh of battery capacity and 300-plus miles of real-world driving range (plus available 190 kW charging capability) the Cadillac LYRIQ ticks all the boxes – but you don’t have to take just my word for that.

You can check out Electrek‘s original First Drive video, below, and click here to find Cadillac LYRIQ deals near you.

First Drive: Cadillac LYRIQ | Luxury E-CUV

SOURCE | IMAGES: CarsDirect.

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Volvo CE rolls out autonomous equipment at Volvo Days 2024 [part 2]

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Volvo CE rolls out autonomous equipment at Volvo Days 2024 [part 2]

Volvo Days 2024 packed a lot of innovative new products into a few short days, but the company’s autonomous construction robots still managed to stand out.

A global shortage of qualified operators is impacting job sites everywhere, precisely at a time when demand for housing, mineral mining, and renewable energy construction is going from peak to peak. That’s why companies from Caterpillar to Tesla to Einride are pushing to advance autonomy the way they are.

And, like they’ve done with semi truck electrification, Volvo Group’s vision for the future has them firmly in a leadership role as the construction industry automates.

CX01 autonomous hybrid compactor

Volvo CE Unveils CX01 Single-Drum Asphalt Compactor Concept
Volvo CX01 autonomous compactor; photo by the author.

First revealed as a concept in 2021, Volvo CE’s CX01 autonomous “single drum” asphalt roller concept has seen continuous development in the years since. Making its Volvo Days debut, the CX01 has shed the original single drum design for a “split drum,” with each half being controlled by an internalized, independent electric motor.

The CX01’s electric motors not only help to propel and steer the roller, they also vibrate the drums individually, using some trick software calibration to effectively “cancel each other out,” delivering all the benefits of vibrating drum rollers without the noise.

It’s so smart, you guys

It’s also worth noting that the CX01 is something of an “extended range” EV, instead of a “pure” BEV. That’s because it uses a small, 1.4L diesel engine to spin a generator that powers not batteries, but capacitors (those blue things, above right). Those capacitors can be charged on grid power (or from an accompanying TC13 trench compactor), but they’re much better than batteries at releasing energy really quickly, enabling the diesel to operate at its maximum efficiency while maintaining extremely precise, high-torque movement from the motors.

Volvo CE engineers envision a team CX01 rollers units deployed on larger job sites that could work together and communicate with other pieces of equipment on the site. The connected equipment could help survey the job site, report on the conditions of the mat (density, temperature, and passes), and leverage AI to determine when and where to compact without the need for human operators.

All of which is great, sure – but they had me at “giant OneWheel.”

Volvo TA15 autonomous electric haul truck

Volvo TA15 autonomous haul truck; photo by the author.

Part of Volvo CE’ “TARA” line of autonomous products, the “production ready” TA15 autonomous electric haul trucks are already part of a number of pilot programs on Volvo customer job sites. Being autonomous, they’re ideally suited to performing repetitive routes, dozens of times per day, without exposing human operators to fatigue or injury.

Big robot dumper

The Volvo TA15 is a fully automated electric dumper designed to operate on busy job sites with tight tolerances. With the TA15, Volvo says customers will be able to replace larger, diesel-powered vehicles with a fleet of smaller, “right sized” Volvo TA15s. The electric haul bots offer cleaner, quieter operation and increase efficiency.

“TARA enables you to downsize and replace larger diesel-powered vehicles with a fleet of autonomous electric Volvo TA15s capable of running 24/7,” reads the official TARA release. “This not only helps you cut emissions and increase productivity, it will also help you rightsize your machinery and optimize your hauling routes.”

And that brings us to the real topic at hand: sustainability.

Electrek’s Take

Volvo SD110 single drum roller, via Volvo CE.

As we’ve often discussed on The Heavy Equipment Podcast, there are two types of sustainability, and both are important. The first is the “classic” version of sustainability, in that our choices need to sustain the planet and environment we live in. The second is sustainability of the business – the ability to keep doing business in a way that ensures the survival of the business, itself.

Looking at the conventional Volvo SD110 conventional roller, above, you can see the incredible amount of materials – of steel, rubber, plastic, glass, etc. – that simply isn’t needed to produce the CX01 roller we started this article with.

All that added mass has a massive hidden carbon cost. The cost of getting those materials out of the ground, the need for bigger, heavier roads to support the weight of the machine, and the bigger, burlier trucks and trailers needed to transport it. Heck, even the operator’s commute to and from the job site adds to the carbon cost of the SD110, over and above the harmful emissions from its diesel engine’s exhaust stack.

The CX01? It’s objectively more sustainable than the SD110 roller in every way, and does pretty much the same job.

The Volvo TA15, too, is lighter and more compact than a conventional rigid haul truck. That reduced mass enables job sites and mining operations to maintain narrower haul routs that are less expensive to build and easier/cheaper to maintain, all while contributing to carbon reductions all across even the broadest scope of job site operations.

That’s both sustainable, and sustainable – and just another reason why forward-thinking fleet buyers will be watching this space closely.

ORIGINAL CONTENT FROM ELECTREK.

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JB Hunt launches first electric aftermarket semi truck route in Arizona

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JB Hunt launches first electric aftermarket semi truck route in Arizona

Following successful inbound implementations in the Pacific Northwest, North Carolina, and Mexico, Daimler Trucks North America (DTNA) is expanding the reach of its electric semi fleet into Arizona with long-time associate JB Hunt.

JB Hunt will add the new Freightliner eCascadia electric semi to its Arizona fleet immediately, and put it to work delivering aftermarket truck parts from DTNA’s parts distribution center (PDC) in Phoenix to multiple DTNA dealers along a dedicated route.

The electric Freightliner truck is expected to cover approximately 100 miles in a given day before heading “home” to a Detroit eFill charger installed at Daimler’s Phoenix facility.

This milestone marks the first all-electric route in the DTNA aftermarket parts distribution network, significantly reducing carbon emissions and setting a precedent for future sustainable outbound logistics operations.

“This solution with DTNA is a great example of our commitment to supporting customers’ efforts to reduce their carbon footprint and work towards energy transition,” explains Greer Woodruff, executive vice president of safety, sustainability and maintenance at JB Hunt. “JB Hunt owns and operates several eCascadias on behalf of customers, and our drivers have really enjoyed their in-cab experience. As customer interest continues to grow, we are here to enable their pursuit for a more sustainable supply chain in the most economic means possible.”

Daimler is analyzing future expansion opportunities throughout its internal parts distribution and logistics with an eye on electrifing additional routes and further reducing the carbon footprint of its logistics operations.

JB Hunt will evaluate its utilization of the charging station for other customers in the area, eventually enabling fully integrated zero-emission vehicle solutions into its 3PL fleets.

SOURCE | IMAGES: Daimler Trucks North America.

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