Polestar (PSNY) reports weaker Q2 deliveries following CEO’s sudden departure
Polestar (PSNY) stock is up over 15% on Thursday despite reporting fewer Q2 deliveries than last year. With a new CEO taking over and two new electric SUVs hitting the market, the Swedish EV brand expects things around. Quickly.
Polestar sees Q2 deliveries slip as CEO departs
Although Polestar’s second-quarter deliveries were up from Q1, they were still lower than last year. Polestar delivered 13,150 vehicles in Q2, up 84% from the first quarter.
Despite the quarterly growth, Polestar delivered 16% fewer vehicles between April and June than the 15,765 handed over in 2023.
In the first half of 2024, Polestar delivered 20,371 cars, down 27% from last year (27,841). Polestar said the lower car sales were primarily because of the absence of Hertz. As a result, Polestar’s revenue fell 26% in Q2 to $918 million.
Polestar posted a $541 million net loss in the first half of the year, up 59% from the $341 million net loss in 1H 2023. As of the end of June, Polestar had $669 million in cash and equivalents.
Despite the lower deliveries, Polestar said it’s seeing “strong momentum, especially in the US, Norway, and Germany.”
Entering the next growth stage
Polestar recently delivered its first Polestar 4 model in Europe last week. The new model is its second electric SUV launched in Europe this summer, following the Polestar 3.
In the US, Polestar built its first electric SUV, the Polestar 3, earlier this month. The Polestar 3 starts at $73,400, while the Polestar 4 will start at $56,300. Polestar 3 buyers will begin receiving their electric SUVs in the coming weeks, while Polestar 4 deliveries will kick off later this year.
Polestar’s new electric SUVs will rival premium brands like the new Porsche Macan EV and Tesla Model Y.
The report comes a day after Polestar announced CEO Thomas Ingenlath is leaving the company. Ingenlath will be replaced with former Opel, VinFast (VFS), and Nikola (NKLA) CEO Michael Lohscheller. The changes go into effect October 1, 2024.
Winfried Vahland, Polestar’s incoming Chairman, said that Lohscheller “is the ideal leader to guide Polestar into its next chapter.”
Vahland added that Polestar’s (and Volvo’s) owner, Geely, is still “deeply committed” to its success and growth.
Polestar aims to sell over 155,000 vehicles next year, a massive jump from the roughly 55,000 sold in 2023.
Polestar’s stock is up 15% on Thursday as it aims to ramp up sales. However, share prices are still down 50% in 2024 and 70% over the past year.
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Environment
Baidu- and Geely-backed JiYue brand unveils ROBO X EV that goes 0-100 km/h in under 1.9 sec
JiYue, a Chinese EV brand focused on delivering all-electric “robocars” to the masses, has unveiled its latest model, and it’s quite a deviation from its previous EVs—but in the best way. Earlier today, JiYue launched the ROBO X supercar, designed for high-speed racing. By high speed, we mean 0-100 km/h acceleration in under 1.9 seconds. My mouth is watering.
JiYue has only existed since 2021, when parent tech company Baidu announced it was expanding from software development into physical EV production, joining forces with multinational automotive manufacturer Geely.
The new “robotic EV” marque initially launched as JIDU with $300 million in startup capital before garnering an additional $400 million in Series A funding, led by Baidu, in January 2022.
In August 2023, Geely took on a larger role in JIDU alongside a greater financial stake as the brand reimagined itself as JiYue, inheriting the JIDU logo and its flagship model, the 01 ROBOCAR.
In December 2023, Baidu and Geely unveiled a second model called the JiYue 07. It was born from JIDU’s ROBO-02 concept, which debuted in 2023 and was designed to compete against the Tesla Model 3 in China.
The 07 finally launched in China earlier this year with 545 miles of range. With an all-electric SUV and sedan on the market, JiYue has unveiled an exciting new entry in the form of a performance supercar called the ROBO X. Check it out:
JiYue’s new ROBO X EV is available for pre-order now
JiYue showcased its new ROBO X hypercar in front of the crowd at the 2024 Guangzhou Auto Show earlier today. Similar to previous models but with a unique spin, JiYue described the ROBO X as an AI smart-driving supercar that, for the first time, blends artificial intelligence and autonomous driving into a high-performance, race-ready EV.
When we say “high performance,” we mean a quad motor liquid-cooled drive system that can propel the ROBO X from 0 to 100 km/h (0 to 62 mph) in under 1.9 seconds. JiYue called the new ROBO X a “performance beast” with “the perfect balance of excellent aerodynamic performance and high downforce.” JiYue CEO Joe Xia was even bolder in his statements about the ROBO X:
For the next 20 years, the design of supercars will bear the shadow of Robo X. This is the best design in the history of Chinese automobiles today, and it is a landmark presence.
Fighter-style airflow ducts bolster the EV’s aerodynamics, efficiency, and overall posture. Per JiYue, the two-seater ROBO X is expected to deliver a maximum range of over 650 km (404 miles).
The new supercar features falcon-wing doors, a carbon fiber integrated frame, and a professional racing HALO safety system offering 360° of support. The interior features an AI smart cockpit with SIMO real-time feedback to give drivers an immersive racing experience.
Furthermore, JiYue said the vehicle will utilize parent company Baidu’s Apollo self-driving technology, which could make it the first electric supercar to apply pure-vision ADAS technology that enables track-level autonomous driving.
Following today’s unveiling of the ROBO X, JiYue has officially opened up pre-orders in China for RMB 49,999 ($6,915). That said, reservation holders will need to be patient as JiYue shared that it doesn’t expect to begin mass production of the ROBO X until 2027.
What do you think? Will people be talking about the ROBO X for the next 20 years?
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes the launch of the Lectric XPedition 2.0, Yamaha e-bikes pulling out of North America, LiveWire unveils an electric scooter concept, PNY readying its cargo e-scooters for pilot testing, Royal Enfield’s first electric motorcycle, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
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Here are a few of the articles that we will discuss during the Wheel-E podcast today:
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Crude oil futures were on pace Friday for loss for the week, as a supply gut and a strong dollar depresses the market.
U.S. crude oil is down more than 2% this week, while Brent has shed nearly 2%.
Here are Friday’s energy prices:
- West Texas Intermediate December contract: $68.56 per barrel, down 14 cents, or 0.2%. Year to date, U.S. crude oil has shed about 4%.
- Brent January contract: $72.36 per barrel, down 20 cents, or 0.28%. Year to date, the global benchmark has lost nearly 6%.
- RBOB Gasoline December contract: $1.99 per gallon, up 0.46%. Year to date, gasoline has fallen more than 1%.
- Natural Gas December contract: $2.70 per thousand cubic feet, down 2.98%. Year to date, gas has gained more than 4%.
The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. OPEC revised down its demand forecast for the fourth consecutive month as demand in China remains soft.
A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump’s election victory.
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