Polestar (PSNY) stock slides as losses widen, will new EVs boost sales?
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’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.
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 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.
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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Tesla is starting to experience some consequences for misleading Full Self Driving customers – at least that’s the finding of one arbitration ruling that has Tesla refunding one customer $10,000 plus legal fees for failing to deliver on their promises. Find out more on today’s legally challenging episode of Quick Charge!
An arbitration “court” found that Tesla misled customers with its Full Self Driving product, and has now been forced to refund at least one person’s $10,000 payment (plus legal fees) for the not-quite autonomous driving software. France, too, is piling on claims of deceptive business practices – but there’s some good news for FSD fans! If you’re still willing to pay for it, Tesla will thrown in 0% financing on a brand new Cybertruck.
Check out the relevant links, below, to learn more.
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Toyota’s new electric SUV is a surprise hit in China. Starting at just $15,000, the Toyota bZ3X is already the top-selling joint venture brand EV.
The $15,000 Toyota bZ3X is the top-selling foreign EV
After launching the bZ3X in March, Toyota’s joint venture, GAC Toyota, claimed that orders were “so popular that the server crashed.” It apparently secured over 10,000 orders in the first hour.
In its second month on the market, the bZ3X was the top-selling foreign-owned vehicle in China, beating out the Volkswagen ID.3 and ID.4 Crozz, Nissan N7, and BMW i3.
According to the latest update, the electric SUV retained the title once again in June. Peng Baolin, General Manager of Sales at GAC-Toyota, revealed on social media that the “delivery volume of Bozhi 3X in June reached 6,030 units.”
GAC Toyota announced on Weibo that cumulative deliveries have now exceeded 20,000 units, setting a new record for the fastest joint venture electric SUV sales to achieve the feat.
The company also claimed that the bZ3X “has the highest sales of new energy vehicles” among joint venture brands right now.
The bZ3X is Toyota’s “first 100,000 yuan-level pure electric SUV.” It’s available in seven different trims, starting at 109,800 yuan, or about $15,000.
Two variants have an added LiDAR, making Toyota the first joint venture brand to offer it in China. The smart driving version starts at 149,800 yuan ($20,500). For 159,800 yuan ($22,000), you can upgrade to the range-topping “610 Max” trim.
Powered by a 67.92 kWh battery, the long-range model is rated with a CLTC range of up to 610 km (379 miles). The base “Air” trim features a 50.03 kWh battery, good for a 430 km (267 miles) range.
The bZ3X measures 4,645 mm in length, 1,885 mm in width, and 1,625 mm in height, or about the size of BYD’s popular Yuan Plus (sold overseas as the Atto 3).
Inside is a significant upgrade from most Toyota models we are used to seeing. It features a tech-focused interior with a 12.3″ infotainment screen and an 8.8″ driver display.
Toyota markets it as an affordable family SUV with “a mobile space that is as comfortable as home.” With all the seats folded, the interior offers nearly 10 feet (3 meters) of space.
It’s also powered by Momenta’s 5.0 smart driving system, offering advanced smart driving features such as Level 2 assisted driving, remote parking, and more.
Electrek’s Take
Although it may not seem like much with Chinese EV makers like Xiaomi securing nearly 300,000 orders for the YU7 SUV in an hour, the bZ3X is selling surprisingly well for a foreign brand vehicle.
Global automakers are struggling to keep pace in China with an influx of new low-cost domestic EVs and an intensifying price war. However, Japanese automakers, including Toyota, have been some of the hardest hit.
During GAC Toyota’s Tech Day event last month, the company announced partnerships with China’s leading tech companies, including Huawei, Xiaomi, and Momenta, as it seeks to regain market share.
Ahead of the event, the company posted on Weibo that “god-level allies are coming to help,” adding “car industry bigwigs are coming.
Through May, Toyota’s sales in China are up 7.7% from the same period last year, with 530,000 vehicles sold. Will Toyota continue gaining traction in the world’s largest EV market? With the bZ5 now rolling out and several new models on the way, Toyota is looking for a comeback.
Source: Sohu, GAC-Toyota
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