Although Polestar (PSNY) delivered fewer vehicles in the third quarter than last year, the EV maker expects to achieve a positive gross profit margin in Q4 2024. To hit its target, Polestar’s new CEO said the EV maker needs to go from showing to “actively selling cars.”
Polestar Q3 deliveries fall as new CEO takes over
Polestar delivered around 11,900 vehicles in the third quarter, down from 13,976 in Q3 2023. Through the first nine months of September, Polestar’s deliveries reached 32,300. That’s 22% fewer than last year.
The announcement comes after Polestar’s CEO and founder, Thomas Ingenlath, stepped down on October 1, 2024.
Polestar’s new leader, Michael Lohscheller, said in his first public statement since taking over the reins that the company is “conducting a review of our strategy and operations.”
One of the biggest keys, Lohscheller explained, was “going from showing to actively selling cars.” Polestar’s leader said the company has already adopted a more active sales model, adding that the first markets are “showing solid order intake.”
Polestar expects revenue in 2024 to be about the same as last year at around $2.38 billion. The company also said it expects to achieve a positive gross profit margin in the fourth quarter of the year.
We will learn more about Polestar’s plans during its business and strategy update on January 16, 2025.
Polestar is “engaged in constructive dialogue” alongside parent company Geely and its club loan lenders.
The EV maker is launching two new electric SUVs, the Polestar 3 and 4, which should help boost demand.
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)
The first Polestar 3 rolled off the production line in the US in August at its South Carolina plant. Polestar’s electric SUV starts at $73,400 and has a range of up to 315 miles.
Meanwhile, Polestar 4 deliveries will kick off in the US later this year. It will start at $56,300 and have a range of up to 300 miles.
Polestar stock is down 5% following Friday’s news. Over the past 12 months, Polestar share prices have fallen 51%.
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New York Governor Kathy Hochul announced $28.5 million in additional funding being made available to install DC fast chargers for private and commercial EVs driving along major travel corridors across the Empire State.
Funded by the federal National Electric Vehicle Infrastructure (NEVI) formula funding program, the State’s new competitive Downstate Direct Current Fast Charger (DCFC) program will improve consumer access to reliable electric vehicle (EV) charging.
This second round of NEVI funding will focus on installing new DC fast charging locations south of Interstate 84, including sites in the lower Hudson Valley, New York City, and Long Island.
“This critical federal NEVI funding supports New York State’s ongoing leadership to invest in a network of electric vehicle fast chargers, particularly in areas downstate that face heavy traffic,” explains Governor Hochul. “Making quick, reliable charging easily available will encourage more people to drive EVs that help to lower pollution from vehicles, provide cleaner air for New Yorkers, and improve health in our communities.”
The new chargers will meet all current NEVI requirements, which means they’ll be located within one travel mile of an AFC (alternative fuel corridor) highway exit, being publicly accessible 24 hours a day, seven days a week, and having the ability to charge at least four EVs simultaneously at speeds of at least 150 kW per vehicle.
Proposals that address gaps between existing and planned charging stations, offer amenities such as restrooms and food, or have stations that provide multiple types of charging connectors (ex.: both CCS and J3400, or Tesla/NACS), will be prioritized for the new funding.
Motiv Electric Trucks may not grab all the headlines, but it’s been quietly putting electric box vans to work throughout California for the past fifteen years. And, last week, the company’s commercial EV fleet logged its five millionth all-electric mile driven.
According to Motiv’s press materials, fully 45% of the electric step vans in California today are Motive Electric Trucks. That translates to more than 370 electric vans operating daily shifts throughout the Golden State, racking up not just five million miles of all-electric driving, but racking up other big stats as well.
What kind of stats? Try these: over 300 million pounds of goods delivered, more than 15 million pounds of CO2 “saved” compared to conventional diesel, nearly a ton of PM 2.5 particulate matter, and – most crucial of all – more than 98% uptime.
That’s the kind of performance that leads to high levels of customer satisfaction, and Motiv has that, too. The company says its 200-mile range step vans lead the industry when it comes to repeat and follow-on orders, citing that since delivering its first EV in 2009, fully 64% of its new vehicle sales have been to repeat customers like Purolator, Vestis (formerly Aramark Uniform Services), Cintas, Bimbo Bakeries, and Shasta Linen Supply.
“We are very appreciative of our customers for believing in us, sharing our vision of cleaner commerce, and investing clean trucking to benefit their communities,” explains Scott Griffith, CEO of Motiv. “We’re also grateful for our employees and partners who produce such high quality and safe vehicles to make this milestone possible. We’re already looking ahead to the next 5 million miles.”
As much fun as all that is, though, it’s comments like these (below) that really make me hope Motiv continues to succeed – because they seem to get it.
Poor air quality caused by fossil-powered trucks disproportionally affects low-income communities and communities of color, as pollution is found in higher rates near highways, warehouses and ports, where these communities abound. Long-term exposure to poor air quality causes increased death rates attributed to cardiovascular diseases and has been linked to lung cancer.
Additionally, children who grow up in areas with high levels of pollution show reduced lung function, increased rates of asthma and lower IQ levels in their teens. Each electric mile our customers drive helps reduce these public health issues, for the benefit of everyone along the route.
When vehicle manufacturers start to look at the damage that ICEs have done, and continue to do their communities, and fess up to lasting, generational impact caused by the sort of lazy and/or corrupt government policies Americans have endured for decades, it’s hard not to think of them as “the good guys.” Here’s hoping that the good guys everywhere eventually win out.
Volvo has delivered the first of its L20 Electric wheel loaders to New Zealand, with a leading landscape manufacturer putting it through its paces in an early pilot program. The verdict: Volvo’s new electric loader is exceeding expectations!
Landscape manufacturing firm Intelligro – located near Christchurch, New Zealand – makes and sells a variety of landscaping, gardening, and civil engineering supplies. Part of that business involves growing massive amounts of mulches, sands, and soil mixes for both residential and commercial customers across the South Island. The group pride itself on delivering top quality products and excellent service for their customers. And it’s no stranger to heavy equipment, either, operating sixteen loaders at its primary job site.
When it was time to retire one of their conventional diesel loaders recently, the company decided to “take the plunge” on a new Volvo L20 Electric. The results have taken them by surprise.
“At first, I was a little bit skeptical,” explains Andrew ‘AJ’ Mahuika, Retail Crew Supervisor at Intelligro. “I thought that being electric it wouldn’t have the same power or capabilities as our traditional wheel loaders. However, it’s proven to be exactly the same and it’s probably one of the most comfortable loaders I’ve driven. I think it exceeded everyone’s expectations in terms of its functionality. It’s very much been business as usual.”
Intelligro has been using its new Volvo L20 Electric in its retail yard to load soft materials for its landscape commercial trade customers. The company says its quiet, precise operation has improved the experience for its customers, as well as the machine’s operators.
“It doesn’t drive any different to any of the other loaders we use,” continues AJ, who also about remarked reduced vibration. “Being electric, it is noticeably a lot quieter. It basically produces zero noise.”
The company gets about 6 hours of continuous operation from the L20 Electric. More than enough, in other words, to put in a full day of work. “Unlike diesel machines, electric machines have zero idling time,” explains Volvo. “(That) means if you stop working, the machine stops working too, saving valuable battery life.”
Volvo L20 Electric wheel loader
“The trial of the Volvo L20 Electric wheel loader at Intelligro is important to show the significant role our electric machines can play in the landscaping sector,” explains Bertrand Collette, Head of Market Area Oceania at Volvo CE. “(That’s) an industry that is all about creating and enhancing beautiful environments from the ground up … we hope that, by sharing Intelligro’s experience, we can inspire others to see how electric solutions might fit in their organizations and help them achieve their sustainability goals.”
The Volvo L20 Electric was supplied to Itellegro by their local dealer, TDX, who has provided initial training sessions and ongoing support to the operators.