Polestar has delivered nearly 1,000 Polestar 4s, but had a tough 2023
Polestar posted its 2023 delivery numbers and, as expected, it’s a mixed bag for the luxury performance EV brand. With the company only meaningfully selling a single vehicle model — its Polestar 2 sedan — deliveries totaled 54,600 cars for 2023. And in Q4 of the year, the pace of deliveries slowed substantially, down to 12,800 cars (annualizing to a rate of 51,200).
Polestar missed even its own revised delivery guidance, issued in November 2023, by over 5,000 cars — a margin of around 10%. Given the relatively high price of the Polestar 2 and the lower overall demand for sedans compared to crossovers and SUVs, it’s not exactly surprising to see the company struggling for growth. On the profit side, Polestar anticipates its previously revised gross margin of 2% will end up being 0%, or break even, for the year.
The Polestar 3, the company’s mid-size luxury SUV, has yet to enter production. In the US, that car will start around $84,000 when it goes on sale this summer. Meanwhile, the company’s first CUV, the Polestar 4, has arrived in China, with 880 units delivered before 2023 ended. When that car starts deliveries the US and Europe (in the next few months), it will be priced at $60,000 and €60,000, respectively.
Suffice it to say, Polestar will have a lot of opportunity to gain ground in 2024.
Electrek’s take
Polestar is in a weird spot. The Polestar 2 sedan launched at a time when competition in the luxury BEV sedan space was relatively limited. While it does feel like a well-put together vehicle, it never compared favorably on price to the wildly popular Tesla Model 3. It’s fair to say that the electric sedan space is utterly cornered by Tesla in the US and Europe (Tesla just launched the “Highland” update to the Model 3 in America, too). Without pricing the Polestar 2 as a severe loss leader, I can’t imagine it would ever become a breakout success, even with significant updates.
With the Polestar 3 and 4, there’s a real chance for the company to regain that momentum. While neither will compare favorably to offerings from Tesla (or even Kia) on a pure value basis, there’s plainly demand for electric crossovers at a variety of price points. Traditional European luxury OEMs like Audi, Porsche, Alfa Romeo, Jaguar-Land Rover, and BMW (Mercedes being perhaps the exception) have broadly struggled to offer compelling electric crossovers to date.
But with the outlook for global economic conditions still murky in 2024, the future of any luxury carmaker is tough to assess right now. Relying on China, for example, is becoming ever more difficult as domestic EV brands push harder and harder to outprice the competition. As mainstream EV manufacturers focus on delivering improvements to core competencies (range, charging, and cost), consumer knowledge of electric vehicles grows (and thus, fickleness of buyers), and interest rates remain high, it’s certainly not getting any easier out there.
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The US Department of Energy (DOE) today announced $1.2 billion in financing to replace Puerto Rico’s fossil fuel plants with solar and battery storage through 2032.
The DOE’s Loan Programs Office announced two conditional commitments and one loan closing to power producers in Puerto Rico. Each supports a project contracted with the Puerto Rico Electric Power Authority. The announcements include:
- The closing of a $584.5 million loan guarantee to subsidiaries of Convergent Energy to finance a 100 MW solar farm with a 55 MW (55 MWh) battery energy storage system (BESS) in the municipality of Coamo and BESS installations in the municipalities of Caguas (25MW/100MWh), Peñuelas (100MW/400MWh), and Ponce (up to 100MW/400MWh)
- A conditional commitment for a loan guarantee of up to $133.6 million to a subsidiary of Infinigen for a 32.1 MW solar farm with an integrated 14.45 MW (4.76 MWh) BESS, and a co-located standalone 50 MW (200 MWh) BESS expansion in the municipality of Yabucoa
- A conditional commitment for a loan guarantee of up to $489.4 million to a subsidiary of Pattern Energy for three stand-alone BESS in the municipalities of Arecibo (50 MW/200 MWh), and Santa Isabel (50 MW /200 MWh and 80 MW/320 MW), and a 70 MW solar farm with an integrated BESS in the municipality of Arecibo.
If all are finalized, these projects would more than double LPO’s support for utility-scale solar generation and battery energy storage in Puerto Rico.
LPO provides low-cost financing and a rigorous due diligence process, making it a valuable resource for Puerto Rico as it works to rebuild an affordable, reliable, and clean energy system. As a result of reliance on imported fuel, the persistent threat of tropical storms, and underinvested infrastructure, Puerto Ricans today face average energy costs that are twice the US average – all while consuming only one-quarter of the energy of the US per capita.
LPO’s initial loan to a power producer in Puerto Rico, Project Marahu, closed in October 2024, and when complete will add more than 200 MW of solar and up to 285 MW of stand-alone energy storage to Puerto Rico’s grid.
Through its September 2023 partial loan guarantee to Project Hestia, LPO also supports virtual power plant (VPP)-ready rooftop solar and battery storage installations in Puerto Rico. As a nationwide project, Hestia’s sponsor is committed to at least 20% of installations under Project Hestia going to homeowners in Puerto Rico.
As part of its procurement plan, Puerto Rico Electric Power Authority seeks to install 1,500 MW of battery storage and requires a minimum capacity of storage to be co-located with each utility-scale solar project. Energy storage systems currently online in Puerto Rico are being dispatched every day.
When including Marahu, LPO’s closed and conditionally committed financing supports over 100% of the capacity Puerto Rico Electric Power Authority aimed to procure under its initial request for energy storage project proposals, the first of six.
Read more: Cleantech investments to top fossil fuels for the first time in 2025
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Chevy just introduced new deals on the Equinox and Blazer EV models to make them even more affordable. With 0% interest and a new trade-in bonus, Chevy is offering over $5,000 in savings.
Chevy adds new Equinox and Blazer EV deals in January
Although the Chevy Equinox EV is already “the most affordable” EV in its class with over 315 miles range, it’s getting even cheaper.
Earlier this week, Chevy launched new deals on the 2024 Equinox and Blazer EV models. According to a note sent to dealers, viewed by CarsDirect, the electric SUVs are now available with 0% APR financing for 60 months. You can also choose from 0.9% AP for 72 months and 2.9% APR for 84 months.
This marks the best financing offer on Chevy’s newest EVs to date. The previous best rates were 0.9% APR for 60 months, 3.9% for 72 months, and 5.9% for the longer 84-month option.
On a 7-year $45,000 loan, online auto research firm CarsDirect estimates the new deals amount to around a $5,200 price cut. The lower APR rates are already offered on the Chevrolet Silverado EV pickup.
In addition, Chevy is offering a trade-in bonus of up to $3,000 on the Silverado EV and $1,000 on the electric Equinox and Blazer models. If you choose to lease, the bonus is cut in half: $1,500 for the Silverado and $500 for the electric SUVs.
Chevy’s new EV deals started on January 14 and run through March 3, 2025. The deals come as rivals like Hyundai and Ford recently launched new EV promotions.
On Thursday, Hyundai launched a new promo on the upgraded 2025 IONIQ 5, which includes monthly leases as low as $199 and a free ChargePoint home EV charger (or $400 charging credit). Meanwhile, Ford extended its “Power Promise” program earlier this month, which also includes a free home charger, among several other benefits.
The 2024 Chevy Equinox EV started at $41,900 with up to 315 miles range. Prices for the electric Chevy Blazer start at $43,690 with up to 279 miles range.
If you are ready to try out Chevy’s new electric SUVs for yourself, we’ve got you covered. You can use our links below to view offers on the Chevy Equinox, Silverado, and Blazer EV models near you.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss non-Tesla EVs getting Supercharger access, Cybertruck sales in the spotlight, Rivian getting some money from Biden, and more.
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After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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