Polestar cuts 2023 delivery target but expects new EV launches to drive demand
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.
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.
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.
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.
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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Environment
BYD Yangwang launches ultra-swanky U8L SUV with 24k gold emblems (don’t worry, this one floats too)
BYD’s ultra-luxury sub-brand, Yangwang, launched its fourth all-electric model in China, and it’s another design marvel. Like its U8 predecessor, the Yangwang U8L SUV has “Emergency Float Mode.” Plus, this one can tank turn, is powered by four motors, and has 24-karat emblems. Check out one of the most expensive new BEVs in China.
Yangwang, which directly translates to “looking up” or “admire,” is an ultra-premium brand under the BYD umbrella introduced in 2023. The luxury-centric marque turned some heads out of the gate at the 2023 Shanghai Auto Show, where it unveiled the U8 SUV, which can go amphibious in emergencies and crabwalk.
Since then, Yangwang has followed up with a 1,200-horsepower electric supercar called the U9, hands down the most beautiful vehicle I saw during my visit to the 2025 Shanghai Auto Show.
In early 2024, Yangwang unveiled its first sedan, the 500-mile range U7, to complete an initial trio of flagship models. By August, we learned Yangwang was hard at work on a fourth model – a third-row variant of the U8 SUV called the U8L – which promised to be longer and even more luxurious.
Today, Yangwang officially launched the U8L in China, beginning in a single “Dingshi Edition” trim that starts at RMB 1.28 million ($179,800) – debuting as one of the most expensive models amongst all Chinese automakers.
Yangwang U8L offers Rolls-Royce-style luxury
Today’s launch marks Yangwang’s deeper push into the luxury SUV market in China, looking to compete against brands like Mercedes-Benz and Range Rover. Yangwang’s new U8L takes the U8 to another level, offering more space and other comforts.
For example, the Yangwang U8 measures 5,319 mm long, 2,050 mm wide, and 1,930 mm tall, with a wheelbase of 3,050 mm. In comparison, the new U8L measures 5,400 mm long, 2,049 mm wide, and 1,921 mm tall, with a wheelbase of 3,250 mm.
The longer length and wheelbase allow for a new third row atop BYD’s e4 platform, which also houses four electric motors. That powertrain configuration combines for 880 kW (1,180 horsepower) and peak torque of 1,280 Nm, accelerating from 0 to 100 km/h (0-62 mph) in 3.5 seconds. Not bad for an SUV.
Per Yangwang, the U8L also comes equipped with BYD’s DiSus-P body control system—the Chinese automaker’s most advanced version, enabling premium comfort and stability on any terrain. The U8L also features BYD’s most advanced ADAS, “God’s Eye A.” In the images above, multiple sensors are visible above the windshield.
Other features include emergency flotation mode, blown tire stability, tank turns, and a crabwalk. Plus, fully reclining seats, window privacy curtains, and a rear storage fridge for your Cristal. Due to its size, the Yangwang U8L’s all-electric CLTC range is only 200 km (124 miles), but it features a hybrid range extender that boosts its overall range to 1,160 km (700 miles).
What do you think about this SUV?
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The bZ7 is about the size of a Tesla Model S and way nicer than you’d expect. Toyota’s new flagship EV is not only stunning-looking, it’s also loaded with advanced tech.
Meet the bZ7, Toyota’s new flagship EV
Toyota’s joint venture in China, GAC-Toyota, unveiled official images of the bZ7 this week, its new flagship all-electric sedan.
The bZ7 is 5,130 mm long, which is slightly longer than the Tesla Model S and BYD Han L. Although it has Toyota’s updated “hammerhead” front end design, like the new Camry and Crown, the flagship EV is a big step up from the Toyota vehicles we see on the road today.
Toyota said its new EV has “a luxurious and elegant figure,” and we’d have to agree. From the side, it has a sleek, fastback design that blends sporty and elegant. The long, triangular side windows open up the interior.
The bZ7 is also Toyota’s most advanced EV yet. It will be the first vehicle to feature Xiaomi’s “Human x Car x Home” smart ecosystem, which unlocks new functions such as controlling smart home appliances directly from the vehicle’s infotainment system or your smartphone.
Forgot to set the air? Xiaomi’s smart tech allows you to control it on the go. During its tech day event in June, Toyota announced new partnerships with Xiaomi, Momenta, and Huawei, or what it called the “car industry bigwigs,” for the latest tech and software.
The bZ7 has a Lidar installed on the roof, which will be used to support Momenta’s latest smart driving system, Momenta 6.0. It’s expected to be offered on higher trim options.
On the inside, the cabin is a step change from most Toyota models with a minimalist, elegant layout. It features a floating central touchscreen, a driver display screen, and a wireless phone charger.
Toyota’s flagship EV will also use Huawei’s electric motors and its new HarmonyOS cockpit system. According to Li Hui, the General Manager of Toyota China, “To deliver cars that people want in China, we need Chinese brains and hands involved in development.
We will learn prices, battery specs, and range closer to the bZ7’s official debut, which is expected later this year. Toyota’s new flagship EV will join the bZ3X and bZ4X as it fights for its spot in China’s competitive electric vehicle market.
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes new e-bikes from British bike maker Boost, Dahon launching an IPO, the NYPD may soon confiscate non UL-certified e-bikes, Honda has a new e-motorcycle coming, and more.
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