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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Charging network IONNA is partnering with Casey’s, one of the US’s largest convenience store and pizza chains, to bring DC fast charging to EV drivers across the Midwest.
Starting this year, Casey’s customers can plug into IONNA’s 400 kW charging stations while grabbing a slice or stocking up on road-trip essentials. Eight “Rechargeries” are already under construction in six states and are expected to open in 2025:
- Little Rock, Arkansas
- Vernon Hills, Illinois
- McHenry, Illinois
- Terre Haute, Indiana
- Parkville, Missouri
- Kearney, Missouri
- Blackwell, Oklahoma
- Waco, Texas
The Casey’s deal pushes IONNA past 900 charging bays in construction or operation — more than double what it had just three months ago. IONNA says the partnership will “expand,” but doesn’t provide specifics.
“This partnership with Casey’s is key to expanding our presence in America’s heartland,” said IONNA CEO Seth Cutler. “With a shared respect and commitment to delivering quality customer experience, we are pleased to add Casey’s to our growing network of partners.”
IONNA is a joint venture backed by eight of the world’s biggest automakers – BMW, General Motors, Honda, Hyundai, Kia, Mercedes-Benz, Stellantis, and Toyota – working to rapidly scale a DC fast-charging network in the US.
Read more: Wawa is getting ultra-fast EV chargers from IONNA
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Anthropic and Google officially announced their cloud partnership Thursday, a deal that gives the artificial intelligence company access to up to one million of Google’s custom-designed Tensor Processing Units, or TPUs.
The deal, which is worth tens of billions of dollars, is the company’s largest TPU commitment yet and is expected to bring well over a gigawatt of AI compute capacity online in 2026.
Industry estimates peg the cost of a 1-gigawatt data center at around $50 billion, with roughly $35 billion of that typically allocated to chips.
While competitors tout even loftier projections — OpenAI’s 33-gigawatt “Stargate” chief among them — Anthropic’s move is a quiet power play rooted in execution, not spectacle.
Founded by former OpenAI researchers, the company has deliberately adopted a slower, steadier ethos, one that is efficient, diversified, and laser-focused on the enterprise market.
A key to Anthropic’s infrastructure strategy is its multi-cloud architecture.
The company’s Claude family of language models runs across Google’s TPUs, Amazon’s custom Trainium chips, and Nvidia’s GPUs, with each platform assigned to specialized workloads like training, inference, and research.
Google said the TPUs offer Anthropic “strong price-performance and efficiency.”
“Anthropic and Google have a longstanding partnership and this latest expansion will help us continue to grow the compute we need to define the frontier of AI,” said Anthropic CFO Krishna Rao in a release.
Anthropic’s ability to spread workloads across vendors lets it fine-tune for price, performance, and power constraints.
According to a person familiar with the company’s infrastructure strategy, every dollar of compute stretches further under this model than those locked into single-vendor architectures.
Google, for its part, is leaning into the partnership.
“Anthropic’s choice to significantly expand its usage of TPUs reflects the strong price-performance and efficiency its teams have seen with TPUs for several years,” said Google Cloud CEO Thomas Kurian in a release, touting the company’s seventh-generation “Ironwood” accelerator as part of a maturing portfolio.
Claude’s breakneck revenue growth
Anthropic’s escalating compute demand reflects its explosive business growth.
The company’s annual revenue run rate is now approaching $7 billion, and Claude powers more than 300,000 businesses — a staggering 300× increase over the past two years. The number of large customers, each contributing more than $100,000 in run-rate revenue, has grown nearly sevenfold in the past year.
Claude Code, the company’s agentic coding assistant, generated $500 million in annualized revenue within just two months of launch, which Anthropic claims makes it the “fastest-growing product” in history.
While Google is powering Anthropic’s next phase of compute expansion, Amazon remains its most deeply embedded partner.
The retail and cloud giant has invested $8 billion in Anthropic to date, more than double Google’s confirmed $3 billion in equity.
Still, AWS is considered Anthropic’s chief cloud provider, making its influence structural and not just financial.
Its custom-built supercomputer for Claude, known as Project Rainier, runs on Amazon’s Trainium 2 chips. That shift matters not just for speed, but for cost: Trainium avoids the premium margins of other chips, enabling more compute per dollar spent.
Wall Street is already seeing results.
Rothschild & Co Redburn analyst Alex Haissl estimated that Anthropic added one to two percentage points to AWS’s growth in last year’s fourth quarter and this year’s first, with its contribution expected to exceed five points in the second half of 2025.
Wedbush’s Scott Devitt previously told CNBC that once Claude becomes a default tool for enterprise developers, that usage flows directly into AWS revenue — a dynamic he believes will drive AWS growth for “many, many years.”
Google, meanwhile, continues to play a pivotal role. In January, the company agreed to a new $1 billion investment in Anthropic, adding to its previous $2 billion and 10% equity stake.
Critically, Anthropic’s multicloud approach proved resilient during Monday’s AWS outage, which did not impact Claude thanks to its diversified architecture.
Still, Anthropic isn’t playing favorites. The company maintains control over model weights, pricing, and customer data — and has no exclusivity with any cloud provider. That neutral stance could prove key as competition among hyperscalers intensifies.
WATCH: Anthropic’s Mike Krieger on new model release and the race to build real-world AI agents
Redwood Materials, founded by former Tesla CTO and cofounder JB Straubel, has raised $350 million in new funding to scale its US-made battery storage systems and critical materials operations. The company is ramping up to meet surging demand from AI data centers and the clean energy sector.
The oversubscribed Series E round was led by Eclipse, with participation from NVentures, NVIDIA’s venture capital arm, and other new strategic investors.
As global supplies tighten, the US is racing to secure domestic production of critical materials like lithium, nickel, cobalt, and copper. In July, Redwood and GM signed a non-binding memorandum of understanding to turn new and second-life GM batteries into energy storage systems. Redwood launched a new venture in June called Redwood Energy that repurposes both new and used EV battery packs into fast and cost-effective energy storage systems.
Redwood says large-scale battery storage is the fastest and most scalable way to enable new AI data center rollout while unlocking stranded generation capacity and stabilizing the grid. Battery storage also helps industrial facilities electrify and balance renewable energy output. The company aims to deliver a new generation of affordable, US-built energy storage systems designed to serve the grid, heavy industry, and AI data centers, reducing dependence on imported Lithium Iron Phosphate batteries.
Redwood will use the new capital to expand energy storage deployments, refining and materials production capacity, and its engineering and operations teams.
Read more: Redwood is repurposing GM’s EV batteries into energy storage
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