Polestar (PSNY) is done with show and tell, needs to start ‘actively selling cars’
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 |
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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Slate Auto, a new EV startup backed by Jeff Bezos, has poached a key Tesla manufacturing leader to build its electric pickup truck factory in Indiana.
Napoleon Reyes is a US Marine from Indiana who got a degree in mechanical engineering from Purdue after leaving the force.
He then worked a few years at Subaru and Wabash before joining Tesla’s manufacturing team at the Fremont Factory in 2020.
There, he became part of the Model Y production ramp and was quickly promoted to lead the Model Y General Assembly in Fremont in 2022.
Reyes led Model Y GA, one of the most critical parts of vehicle manufacturing, for more than a year before being promoted again to lead new pilot processes at the factory.
Most recently, he led the launch of the general assembly line for the Model Y refresh.
The new engineering manager announced this week that he is leaving Tesla to join Slate:
A bit late on the post but after nearly 5 years working at Tesla in Fremont, I made the difficult decision to leave the Company and move closer to home with my family. It was an incredible experience being part of multiple line expansions and multiple Model Y program launches. Leading and managing the Model Y Refresh launch for GA in Fremont this year tested me professionally however we ultimately succeeded due to our amazing cross functional team collaboration. It’s been an absolute pleasure working with such great people, and I will forever be proud and thankful for everything we accomplished together.
I will be taking on a new role as Senior Manager, Plant Vehicle Engineering at Slate Auto in Warsaw, In.
Slate emerged from stealth mode earlier this year to unveil a new type of electric pickup truck featuring modular customization and an affordable price.
The company raised over $700 million through two rounds of investments from several different investors, including Jeff Bezos. It is currently raising more, which basically guarantees that it will be able to reach production.
The startup acquired a former printing plant in Warsaw, Indiana. It is currently converting to manufacture its electric pickup with a team from legacy automakers and also several former engineers and leaders from Tesla.
Rich Schmidt, an early Tesla manufacturing director, is the head of manufacturing.
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Genesis is preparing to shake things up with its most luxurious SUV yet, the GV90. Thanks to a new patent filing, we are getting a detailed look at how its Rolls-Royce-style coach doors will work.
New patent reveals Genesis GV90 coach door system
When Genesis first unveiled the full-size SUV at the NY Auto Show last March, it wasn’t the stunning design or advanced tech that caught everyone’s attention. It was the coach doors.
Although we were worried it wouldn’t make it to the production model, like many concepts, the Genesis GV90 will be offered with coach doors.
The ultra-luxe electric SUV was first caught with coach doors earlier this year on a car carrier in South Korea. Just last month, the GV90 was spotted in California with a hinge at the rear to open the coach doors.
After several new patents were filed with the United States Patent and Trademark Office for new door latching devices, we are getting a sneak peek at how they are expected to work.
The patents, titled “Cinching Device For Door Latches in Vehicle,” and “Door Latch Device for Vehicles,” give a pretty detailed explanation of how the Genesis GV90’s coach doors will operate. The “Door Latch Device” uses a door striker on the lower side of the door, which is opened or closed by a hinge unit.
Unlike traditional doors, which use the B-pillar for support, the device is attached directly to the door itself, allowing for hinge-like movement.
The cinching device works in a similar way. It’s also attached to the door and part of the vehicle. However, unlike most of its kind, Genesis found a way to use a single cinching device to control multiple units. Again, the device is used for B-pillarless doors that swing open.
Genesis already said that B-pillarless coach doors are now feasible in production vehicles. The patent reveals a glimpse into how the luxury automaker could make it a reality.
Although the Genesis GV90 is expected to be offered with coach doors, they will likely not be standard. Other variants, with traditional door handles, have also been spotted testing in the US and South Korea.
Genesis is expected to launch the GV90 in mid-2026. It will be built at Hyundai’s Ulsan plant in South Korea. The flagship Genesis SUV is scheduled to debut on Hyundai’s new eM platform, which the company said will “provide 50% improvement in driving range.” It will also be loaded with the latest technology, software, connectivity, and Level 3 or higher autonomous driving capabilities.
Source: USPTO
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Environment
Podcast: Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more
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 the launch of the Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
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:
We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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