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Polestar (PSNY) just got a new CEO. Thomas Ingenlath is out, and Michael Lohscheller is taking the helm as the Swedish EV brand enters its next growth stage. With two new electric SUVs hitting the market, how will Polestar navigate the transition?

“I am very proud of what we’ve achieved together in the last seven years,” Ingenlath wrote Wednesday.

After turning its vision of becoming an electric premium brand with performance and design at its core, Polestar’s former leader declared, “The dream became reality.”

Meanwhile, Ingenlath is leaving the company at a critical point. Many automakers have slowed EV investments, citing “slower-than-expected” demand just as Polestar launches two new electric SUVs.

Polestar launched its first all-electric vehicle, the Polestar 2, in 2020. This year, two new EVs are joining the lineup.

The company delivered the first Polestar 4 models in Europe earlier this month, and North America and Australia will follow by the end of the year. Polestar’s new premium electric SUV coupe arrives in Europe less than two months after the Polestar 3.

Polestar-CEO
Polestar 4 (Source: Polestar)

Both electric SUVs are expected to compete with top-selling premium models like the new Porsche Macan EV, Tesla Model Y, and BMW iX3.

“With three models, Polestar is positioning itself as the design-led premium luxury electric car brand in the global EV market,” Ingenlath said earlier this month.

Polestar-CEO
Polestar 2 (left), Polestar 3 (middle), and Polestar 4 (right) (Source: Polestar)

Michael Lohscheller takes over as CEO of Polestar

Polestar replaced Ingenlath with Michael Lohscheller, former CEO of Stellantis-owned Opel, Vietnam EV startup VinFast (VFS), and Nikola (NKLA). The change is effective October 1, 2024.

Lohscheller said he’s honored to join the Swedish EV brand at a critical point in the company’s history.

Polestar-CEO
Polestar 3 (Source: Polestar)

“Polestar has already established itself as one of the most desirable and innovative brands in the electric vehicle space, and I look forward to working with the talented team to build on this strong foundation and accelerate our development,” he wrote.

Winfried Vahland, Polestar’s incoming Chairman, explained, “Michael Lohscheller is the ideal leader to guide Polestar into its next chapter.”

Polestar-3-interior
Polestar 3 interior (Source: Polestar)

Vahland added that Polestar (and Volvo) owner Geely is still “deeply committed” to the EV maker’s success.

Like in Europe, the Polestar 4 will be available in Single and Dual Motor setups in the US. It will start at $56,300 with up to 300 miles range.

Polestar 3 and 4 electric SUV by trim in the US Starting Price Range
(expected EPA-est)
Polestar 4 Long Range Single Motor $56,300 300 miles
Polestar 4 Long Range Dual Motor $64,300 270 miles
Polestar 4 Long Range Dual Motor model (with Plus and Performance packs) $74,300 270 miles
Polestar 3 Long Range Dual Motor with Pilot Pack $74,800 315 miles
Polestar 3 Long Range Dual Motor with Pilot Pack and Plus Pack $80,300 315 miles
Polestar 3 Long Range Dual Motor with Pilot and Performance Pack $80,800 279 miles
Polestar 3 Long Range Dual Motor with Pilot, Plus, and Performance Pack $86,300 279 miles
Polestar 3 and 4 prices and range by trim for the US (*including $1,400
destination fee)

After building its first Polestar 3 model in South Carolina earlier this month, the EV maker expects to expand in key auto markets like the US, Europe, and South Korea. The Polestar 3 starts at $73,400 in the US with up to 315 miles range.

Polestar-CEO
Polestar (PSNY) stock over the past 12 months (Source: TradingView)

Polestar’s stock is down over 14% following the news on Wednesday. Polestar share prices are now down over 55% in 2024 and 74% over the past year.

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What EV sales slump? Illinois’ EV sales outpace the nation by 4:1

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What EV sales slump? Illinois' EV sales outpace the nation by 4:1

Fueled by incentives from the Illinois EPA and the state’s largest utility company, new EV registrations nearly quadrupled the 12% first-quarter increase in EV registrations nationally – and there are no signs the state is slowing down.

Despite the dramatic slowdown of Tesla’s US deliveries, sales of electric vehicles overall have perked up in recent months, with Illinois’ EV adoption rate well above the Q1 uptick nationally. Crain’s Chicago Business reports that the number of new EVs registered across the state totaled 9,821 January through March, compared with “just” 6,535 EVs registered in the state during the same period in 2024.

Those numbers represent more than 50% growth in EV registrations – far beyond the expected 12% first-quarter increase nationally being projected by Cox Automotive. (!)

What’s going on in Illinois?

File:Illinois Governor J. B. Pritzker (33167937268).jpg
Illinois Governor JB Pritzker at the Chicago Auto Show; by Ray Cunningham.

While President Trump and Elmo were running for re-election, they campaigned on the threat promise of canceling the $7,500 federal tax credit for EVs. Along with California Governor Gavin Newsom, Illinois’ Governor JB Pritzker made countermoves – launching a $4,000 rebate for new electric cars and up to $1,500 for the purchase of a new electric motorcycle.

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At the same time, the state’s largest utility, ComEd, launched a $90 million EV incentive program featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles. That program has driven a surge in Class 3-6 medium duty commercial EVs, which are eligible fro $20-30,000 in utility rebates on top of federal tax credits and other incentives (Class 1-2 EVs are eligible for up to $7,500).

We covered the launch of those incentives when the program was announced at Chicago Drives Electric last year, but the message here is simple: incentives work.

SOURCES: Chicago Business, Ray Cunningham; featured image by the author.

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XCMG launches XE215EV battery swap electric excavator ahead of bauma

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XCMG launches XE215EV battery swap electric excavator ahead of bauma

The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.

Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.

XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.

We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).

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XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?

Easy in, easy out

XCMG battery swap crane; via Etrucks New Zealand.

The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.

You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.

SOURCE | IMAGES: XCMG.

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Volvo shows off production PU500 battery energy storage system

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Volvo shows off production PU500 battery energy storage system

As “extreme” weather events become more commonplace, the demand for reliable and portable energy continues to rise. In response to that growing demand for dependable off-grid power, Volvo has developed the new PU500 Battery Energy Storage System (BESS) designed to take electrical power when it’s needed most.

Designed to be deployable in a number of environments at a moment’s notice, the Volvo Energy PU500 BESS is equipped with approximately 500 kWh of usable battery capacity (up to 540 kWh total). More than enough juice, in other words, to power a remote construction site, disaster response effort, or even a music festival – anything that needs access to reliable electricity beyond a grid connection.

That’s great, but what sets the PU500 apart from other battery storage solutions is its integrated 240 kW DC fast charger.

“With an integrated CCS2 charger, the PU500 is designed to work with all brands of electric equipment, trucks, and passenger cars,” says Niklas Thulin, Head of BESS Product Offer at Volvo Energy. “This ensures that no matter what type of electric vehicle or machinery you rely on, the PU500 can provide the power you need, making it a truly flexible solution for any grid constrained site or location.”

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The integrated charger in the PU500 has the impressive ability to charge a heavy equipment asset (be that an electric semi truck or something like a wheel loader) in under two hours. Its on-board capacity allows to fully recharge up to 3 electric HD trucks or 20 electric cars per day, making it an incredibly versatile disaster response asset.

Electrek’s Take

Stockholm progresses with electric construction site from Volvo CE
Electric job site; via Volvo CE.

As we often say over at The Heavy Equipment Podcast, “just because you’re working for the power company doesn’t mean you have power,” and there are hundreds of scenarios where the extra power provided by something like the new PU500 would be useful. Its ability to be palletized and easily moved or swapped out of a larger BESS array, too, just add to its flexibility.

SOURCE | IMAGES: Volvo.

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