EV maker Polestar’s (PSNY) stock is down Friday after reporting 2023 results. Can Polestar’s new electric models help turn things around as losses rise? The report comes as the first Polestar 3 buyers received their electric SUVs this week.
Polestar stock drops after 2023 earnings results
After several months of delaying, Polestar released its 2023 financial results Friday, showing falling revenue and widening losses.
Polestar’s revenue slipped 3% from $2.45 billion in 2022 to $2.38 billion last year. The lower top line was mainly due to increased discounts and fewer carbon credit sales.
As a result, the EV maker’s operating losses rose 13% to $1.46 billion, up from $1.29 billion in 2022. Lower revenue and rising sales costs led to higher losses. It also included a one-time share-based listing charge of $372 million and a higher impairment of $450 million after reassessing Polestar 2 inventory.
Polestar sold 54,626 vehicles last year, up 6% from the 51,549 sold in 2022. The EV maker added 34 locations and 33 service points for a total of 192 and 1,149, respectively.
Polestar stock chart over the past 12 months (Source: TradingView)
Polestar’s stock slid 4% on Friday following the 2023 earnings release. Polestar shares are down 63% in 2024 and over 92% from its all-time high.
Can Polestar turn things around as new EVs roll out?
Despite rising losses and lower revenue, Polestar believes new EVs, like the Polestar 3 and 4, will help boost sales.
Polestar expects to sell over 155,000 vehicles next year, a significant jump from the just under 55K sold in 2023.
Polestar delivers first Polestar 3 electric SUVs (Source: Polestar)
The news comes after Polestar delivered its first Polestar 3 models to customers this week. Polestar is delivering the electric SUV across two continents as it rolls out to new markets throughout the year.
The first Polestar 3s were delivered in Sweden, while the North American Polestar 2 is handing over the first models in California, New York, and Illinois. On Friday, more models will be delivered to Germany and Norway.
Polestar 3 Long range Single motor RWD model (Source: Polestar
Polestar also introduced a new lower-priced Long range Single Motor Polestar 3 model this week. The lower-cost model is available in Europe, starting at $85,500 (€79,890), including the handover fee. It will be available to order in the US, Australia, and other markets later this year.
Polestar will begin Polestar 3 production in South Carolina this summer to expand the brand in the US.
New 2025 Polestar 2 (Source: Polestar)
With the US setting a new 100% tariff rate on Chinese EVs, Polestar looks to overcome it with local production.
As the EV maker looks to gain market share, it also launched the new 2025 Polestar 2 with added Swedish Gold design elements and more range.
Can Polestar’s new EVs help boost sales? Let us know what you think in the comments.
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Japanese equipment giant Kubota brought 22 new or updated machines to the 2025 bauma expo earlier this year, but tucked away in the corners was a new retrofit kit that can help existing customers decarbonize more quickly, and more affordably.
The latest equipment maker to put its name on the retrofit list is Kubota, who says its kit can be installed by a trained dealer in a single day.
That’s right! By this time tomorrow, your diesel-powered Kubota KX019 or U27-4 excavator (shown) could be fitted with an 18 or 20 kWh li-ion battery pack and electric drive motors and ready to get to work in a low-noise or low-vibration work environment where emissions are a strict no-no. Think indoor precision demolition or historic archeological excavation.
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Then, if necessary, it can go right back to diesel power.
Kubota says its modular retrofit kits is a response to the increasing global demand for sustainable alternatives by focusing on making machinery that’s flexible and repairable enough to be “reusable,” and offer construction fleet managers a longer operational lifespan, superior ROI (return on investment), and lower TCO (total cost of ownership) than the competition.
Kubota’s solution also notably reduces maintenance costs and operational overheads. With no engine and associated components, servicing time and expenses are considerably reduced, saving customers both time and money. Additionally, with electricity costing far less than fossil fuels, it offers a highly economical advantage.
International Rental News reports that other changes to the excavators include a more modern cab controls with a digital instrument cluster, a 60 mm wider undercarriage for more stability, and an independent travel circuit allows operators to use the boom, dipper, bucket, and auxiliary functions without an impact on tracking performance.
Kubota’s new kit, first shown at last year’s Hillhead exhibition in the UK, will officially be on sale this summer – any day now, in fact – though pricing has yet to be announced.
Electrek’s Take
If you’re wondering how it is that we’re still talking about bauma 2025 a full quarter after the show wrapped up, then I haven’t done a good enough job of explaining how positively massive the show was. Check out this Quick Charge episode (above) then let us know what you think of Kubota’s modular power kits in the comments.
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Elon Musk isn’t happy about Trump passing the Big Beautiful Bill and killing off the $7,500 EV tax credit – but there’s a lot more bad news for Tesla baked into the BBB. We’ve got all that and more on today’s budget-busting episode of Quick Charge!
We also present ongoing coverage of the 2025 Electrek Formula Sun Grand Prix and dive into some two wheeled reports on the new electric Honda Ruckus e:Zoomer, the latest BMW electric two-wheeler, and more!
New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
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Solar and wind accounted for almost 96% of new US electrical generating capacity added in the first third of 2025. In April, solar provided 87% of new capacity, making it the 20th consecutive month solar has taken the lead, according to data belatedly posted on July 1 by the Federal Energy Regulatory Commission (FERC) and reviewed by the SUN DAY Campaign.
Solar’s new generating capacity in April 2025 and YTD
In its latest monthly “Energy Infrastructure Update” report (with data through April 30, 2025), FERC says 50 “units” of solar totaling 2,284 megawatts (MW) were placed into service in April, accounting for 86.7% of all new generating capacity added during the month.
In addition, the 9,451 MW of solar added during the first four months of 2025 was 77.7% of the new generation placed into service.
Solar has now been the largest source of new generating capacity added each month for 20 consecutive months, from September 2023 to April 2025.
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Solar + wind were >95% of new capacity in 1st third of 2025
Between January and April 2025, new wind provided 2,183 MW of capacity additions, accounting for 18.0% of new additions in the first third.
In the same period, the combination of solar and wind was 95.7% of new capacity while natural gas (511 MW) provided just 4.2%; the remaining 0.1% came from oil (11 MW).
Solar + wind are >22% of US utility-scale generating capacity
The installed capacities of solar (11.0%) and wind (11.8%) are now each more than a tenth of the US total. Together, they make up almost one-fourth (22.8%) of the US’s total available installed utility-scale generating capacity.
Moreover, at least 25-30% of US solar capacity is in small-scale (e.g., rooftop) systems that are not reflected in FERC’s data. Including that additional solar capacity would bring the share provided by solar + wind to more than a quarter of the US total.
With the inclusion of hydropower (7.7%), biomass (1.1%), and geothermal (0.3%), renewables currently claim a 31.8% share of total US utility-scale generating capacity. If small-scale solar capacity is included, renewables are now about one-third of total US generating capacity.
Solar is on track to become No. 2 source of US generating capacity
FERC reports that net “high probability” additions of solar between May 2025 and April 2028 total 90,158 MW – an amount almost four times the forecast net “high probability” additions for wind (22,793 MW), the second-fastest growing resource. Notably, both three-year projections are higher than those provided just a month earlier.
FERC also foresees net growth for hydropower (596 MW) and geothermal (92 MW) but a decrease of 123 MW in biomass capacity.
Taken together, the net new “high probability” capacity additions by all renewable energy sources over the next three years – i.e., the bulk of the Trump administration’s remaining time in office – would total 113,516 MW.
FERC doesn’t include any nuclear capacity in its three-year forecast, while coal and oil are projected to contract by 24,373 MW and 1,915 MW, respectively. Natural gas capacity would expand by 5,730 MW.
Thus, adjusting for the different capacity factors of gas (59.7%), wind (34.3%), and utility-scale solar (23.4%), electricity generated by the projected new solar capacity to be added in the coming three years should be at least six times greater than that produced by the new natural gas capacity, while the electrical output by new wind capacity would be more than double that by gas.
If FERC’s current “high probability” additions materialize, by May 1, 2028, solar will account for one-sixth (16.6%) of US installed utility-scale generating capacity. Wind would provide an additional one-eighth (12.6%) of the total. That would make each greater than coal (12.2%) and substantially more than nuclear power or hydropower (7.3% and 7.2%, respectively).
In fact, assuming current growth rates continue, the installed capacity of utility-scale solar is likely to surpass that of either coal or wind within two years, placing solar in second place for installed generating capacity, behind only natural gas.
Renewables + small-scale solar may overtake natural gas within 3 years
The mix of all utility-scale (ie, >1 MW) renewables is now adding about two percentage points each year to its share of generating capacity. At that pace, by May 1, 2028, renewables would account for 37.7% of total available installed utility-scale generating capacity – rapidly approaching that of natural gas (40.1%). Solar and wind would constitute more than three-quarters of installed renewable energy capacity. If those trend lines continue, utility-scale renewable energy capacity should surpass that of natural gas in 2029 or sooner.
However, as noted, FERC’s data do not account for the capacity of small-scale solar systems. If that’s factored in, within three years, total US solar capacity could exceed 300 GW. In turn, the mix of all renewables would then be about 40% of total installed capacity while the share of natural gas would drop to about 38%.
Moreover, FERC reports that there may actually be as much as 224,426 MW of net new solar additions in the current three-year pipeline in addition to 69,530 MW of new wind, 9,072 MW of new hydropower, 202 MW of new geothermal, and 39 MW of new biomass. By contrast, net new natural gas capacity potentially in the three-year pipeline totals just 26,818 MW. Consequently, renewables’ share could be even greater by mid-spring 2028.
“The Trump Administration’s ‘Big, Beautiful Bill’ … poses a clear threat to solar and wind in the years to come,” noted the SUN DAY Campaign’s executive director, Ken Bossong. “Nonetheless, FERC’s latest data and forecasts suggest cleaner and lower-cost renewable energy sources may still dominate and surpass nuclear power, coal, and natural gas.”
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