Porsche reports record 2022 earnings, updated EV pipeline includes entirely new SUV model
During its annual press conference earlier today, Porsche AG is reporting four new financial records for 2022 following a successful IPO last fall. With record revenues for the previous year, Porsche now looks ahead toward its goal of delivering 80% electrification throughout its entire vehicle lineup by 2030 and has updated the public on what and when we will see new EV models, including a bespoke SUV prototype.
Porsche AG is coming off a big year in 2022. After Porsche chief Oliver Blume took over as CEO of parent company Volkswagen Group last summer, he immediately got to work in boosting the Group’s transition to EVs.
The German automaker saw its 100,000th Taycan EV roll off its assembly lines last fall, while Porsche simultaneously began teasing additional EVs to come, including the all-electric Macan SUV. Over the past year, we’ve also learned of an EV version of the 718 on the way, which has been spotted out of roads testing.
To build hype head of its planned IPO, Blume and the Porsche team had also begun promising an entirely new SUV codenamed “K1” which will be positioned above both the Macan and Cayenne EVs in the sales pipeline.
After completing the largest IPO in Europe by market capitalization last September, Porsche is now reporting encouraging financial figures on its way toward full electrification. Here’s the latest.
Porsche aims for huge sales return on wings of new EVs
During its annual press conference earlier today, Porsche’s chairman of the executive board Oliver Blume relayed 13.6% revenue growth in 2022 (37.6 billion euros compared to 33.1 billion in 2021). Operating profit was also up 1.5 billion euros compared to a year prior (+27.4%) alongside record highs in vehicle deliveries and net-cash flow (+0.2 billion euros). Blume elaborated:
In difficult conditions, we achieved the strongest result in the history of Porsche, by some distance. We were also able to offer our customers exciting new products yet again in 2022. This is the result of a great team performance.
Fresh off its successful public offering, Porsche AG looks to carry momentum into 2023 with lofty new targets. The new year kicked off the group’s new “Road to 20” program, which aims to achieve an operating return of sales over 20% in the long term. Porsche deputy chairman and member of the executive board for finance and IT Lutz Meschke, spoke to the group’s goals and newfound freedom to achieve them:
With the Road to 20 we are making Porsche even more resilient and our brand stronger than ever. And we’re going to take a fresh look at everything, from our product range and pricing to our cost structure. We want to increase the quality of our contribution margins and make our products even more attractive.
We can now become even more focused and pick up even more speed. The newly attained autonomy gives us additional entrepreneurial freedom. We will strengthen specific capabilities in key areas such as software and battery technology.
According to consulting firm Brand Finance, Porsche sits as the most valuable luxury brand in the world right now, and it looks to transition that reputation over into a complete lineup of new EVs to join the Taycan. According to the Group’s latest production timeline, that will begin with the all-electric Macan in 2024, followed by the aforementioned 718 by mid-decade.
Next will come a fourth generation, EV version of Porsche’s larger Cayenne SUV, followed by the entirely new “K1” SUV, positioned at a price point above all its other large EVs. Porsche shared that the new model will offer strong performance and automated driving functions while atop the Group’s SSP sport EV platform. With the new chassis, Porsche is also promising on-road performance and range combined with off-road capabilities in some models.
Looking ahead, Porsche is still working to reach a net carbon neutral value chain for its vehicles by 2030, including a net carbon neutral use phase for the BEV models mentioned above. The group also began researching and developing e-fuels at a pilot plant with partners in Chile last year – a hot topic of debate in the EU as its commission has delayed a final vote to completely ban new sales of combustion vehicles by 2035. Porsche was one of the German automakers requesting guidance on the use of those fuels in the future before the vote is finalized.
Meschke states that Porsche expects an operating return on sales between 17-19% in 2023 based on projected sales revenue around 40-42 billion euros.
FTC: We use income earning auto affiliate links. More.
Environment
The 2026 Polestar 4 is officially on sale in the US, priced slightly higher than originally promised
Polestar announced it has officially opened up sales of its long-promised 4 crossover SUV as a 2026 model, available to US customers starting today. Below, we’ve included performance specs and pricing separated by each model variant.
The Polestar 4 is the, you guessed it, fourth model from the Geely-owned, Swedish-designed automaker. The 4 was unveiled in 2023 before it kicked off production in China later that year.
Those EVs were followed by deliveries to Europe and Australia in 2024, although US customers have had to continue to wait. In April 2024, Polestar said it was officially opening orders for the 4 in the US, starting at $54,900 and available in eight (yes, eight) different variants, built in North America.
Deliveries were expected to follow in Q2 2025, but Polestar faced several hurdles, including the appointment of a new CEO and the looming threat of tariffs from the Trump Administration. As such, Polestar has regrouped and returned with updated timelines for its latest model.
As of this morning, the Polestar 4 is on sale in the US as a 2026 model that will initially be assembled in Korea. It starts at $56,400. You can learn more below.
The 2026 Polestar 4 is FINALLY on sale in North America
Per the automaker, the 2026 Polestar 4 is officially on sale in the United States and can now be configured at Polestar.com. When it was still a 2025 model, Polestar said the 4 would be built alongside its 3 sibling in North America, but things have changed, at least as US sales begin.
2026 Polestar 4 EVs destined for North America will instead be built in Busan, South Korea. Per the head of Polestar North America, Rick Bryant:
Following the successful launch of Polestar 4 in other markets around the world, we are thrilled to open the order books for the 2026 Polestar 4 in North America, which will all be built in Busan, South Korea. Polestar 4 confidently enters the premium performance class within the D-SUV segment. Our SUV coupe’s innovative design offers generous interior space and a stunning appearance. Coupled with the assembled-in-the-U.S. Polestar 3, we now offer two dynamic SUV options for North American customers
As a 2026 model, Polestar appears to have slightly trimmed down its 4 variants, now offering five options for North American customers. Here’s how they break down:
| 2026 Polestar 4 Variant | Drivetrain | Battery Capacity |
Max Charge Rate (DC) | EPA Range (Est.) | Power | Torque | Acceleration (0-60 mph) | Starting MSRP* |
| Long Range Single Motor (w/ standard Pilot Pack) | RWD | 100 kWh | 200 kW | 300 miles | 272 hp | 253 lb-ft | 6.9 seconds | $56,400 |
| Long Range Single Motor (w/ Pilot and Plus Pack) | RWD | 100 kWh | 200 kW | 300 miles | 272 hp | 253 lb-ft | 6.9 seconds | $61,900 |
| Long Range Dual Motor (w/ standard Pilot Pack) | AWD | 100 kWh | 200 kW | 270 miles | 544 hp | 506 lb-ft | 3.7 seconds | $62,900 |
| Long Range Dual Motor (w/ Pilot and Plus Pack) | AWD | 100 kWh | 200 kW | 270 miles | 544 hp | 506 lb-ft | 3.7 seconds | $68,400 |
| Long Range Dual Motor (w/ Pilot, Plus and Performance Pack) | AWD | 100 kWh | 200 kW | 270 miles | 544 hp | 506 lb-ft | 3.7 seconds | $72,900 |
You can see how the promised initial variants compare here. It looks like Polestar nixed any variant that initially had a “Pro Pack.” The automaker has also removed the Long Range Single Motor trim, which was supposed to start at an MSRP of $54,900. That’s why the current MSRPs seem higher, albeit only slightly if at all.
Polestar pointed out that its Long Range Dual Motor variant of the 2026 4 is its fastest production model to date, accelerating from 0 to 60 mph in 3.7 seconds. I’d take that all day.
Production for North American customers of the 2026 Polestar 4 is expected to begin in South Korea this summer, followed by initial customer deliveries this fall. What do you guys think? Will the Polestar 4 be worth the wait?
FTC: We use income earning auto affiliate links. More.
Tesla’s sales continue to crash in Europe despite the availability of the new Model Y and record discounts.
However, the automaker clings to a good month in Norway, which is not particularly impressive in comparison and could prove to be a fluke.
More data is starting to come from European markets about Tesla sales from May.
Yesterday, we reported on Tesla’s disastrous performance in France, which was even worse than the first quarter despite the new Model Y now being available.
Now, the latest data confirms that similar declines are continuing for Tesla in Europe in Belgium, Spain, Sweden, Denmark, and other markets:
The only two markets that haven’t seen declines in May are Norway and Austria.
While Tesla isn’t commenting on any of the markets where its sales are crashing, the automaker quickly promoted its surprising performance in Norway:
However, it is worth nothing that the 213% increase in deliveries is compared to a particularly bad May 2024 for Tesla.
For comparison, here are Tesla’s deliveries in the second month of each quarter over the prior two years:
It’s clear that the anomaly was more with May 2024 than incredible performance in May 2025 – even though there’s no doubt that Tesla’s sales have recovered in Norway last month.
That’s partly due to Tesla offering record discounts, including zero-interest financing on the new Model Y.
The automaker has been offering similar incentives throughout Europe, but it isn’t having as much success with it.
With most of the data from the month of May coming in, Tesla’s Q2 deliveries in Europe are currently tracking below the already disastrous Q1 performance, which Tesla blamed on the Model Y changeover.
Electrek’s Take
Tesla can try to frame this however it wants, but the data is clear: Tesla’s sales are dropping like a rock in Europe despite the availability of the new Model Y and record incentives like zero-interest financing.
2,500 Norwegians buying Tesla vehicles in May isn’t compensating for the declines in other markets and I doubt that the surge in May in Norway is going to be sustainable in the second half, especially if Tesla ends the zero-interest financing when it claims it will at the end of the quarter.
At this point, what Tesla needs in Europe is to be completely dissociated from its CEO and a more updated EV lineup that includes smaller and more affordable vehicles, like the Kia EV3, Volve EX30, etc.
Unfortunately, its CEO is too focused on false promises regarding autonomy to bring those vehicles to market.
FTC: We use income earning auto affiliate links. More.
A cyclist rides past the Meta sign outside the headquarters of Facebook parent company Meta Platforms in Mountain View, California, on Nov. 9, 2022.
Peter Dasilva | Reuters
Meta has signed a 20-year agreement to buy nuclear power from Constellation Energy, continuing the wave of tech giants teaming up with the industry in order to meet the growing power needs of data centers.
Beginning in June 2027, Meta will buy roughly 1.1 gigawatts of energy from Constellation’s Clinton Clean Energy Center in Illinois, which is the entire output from the site’s one nuclear reactor. The companies said the long-term agreement will support the continuing operation of the plant, as well as its relicensing. Without the commitment from Meta, the plant was in danger of closing when its zero-emission credit, which it’s relied on since 2017, expired.
“We are proud to partner with Meta. … They figured out that supporting the relicensing and expansion of existing plants is just as impactful as finding new sources of energy,” said Joe Dominguez, Constellation’s president and CEO. “Sometimes the most important part of our journey forward is to stop taking steps backwards.”
Terms of the deal, which will also expand Clinton’s output by 30 megawatts, were not disclosed. The plant will not power Meta’s data centers directly – instead it will continue to provide power to the regional grid, while contributing to the tech giant’s goal of 100% clean electricity.
Constellation shares rallied more than 15% on the agreement.
CEG rallies
Tuesday’s announcement is the latest in a slew of deals between big tech and the nuclear industry. In September, Constellation said it would restart Three Mile Island – the site of the worst nuclear meltdown in U.S. history – and sell the power to Microsoft under a 20-year agreement.
Google recently pledged to fund the development of three new nuclear sites, after last year teaming up with small modular reactor developer Kairos Power. Amazon invested more than $500 million to develop SMRs in October, and bought a data center campus powered by the Susquehanna nuclear plant in March 2024. Tech giants, including Amazon, Google and Meta, signed a pledge in March led by the World Nuclear Association calling for nuclear energy worldwide to triple by 2050.
Still, the deal with Constellation marks Meta’s first official foray into nuclear. In December, the company put out a request for proposals to find nuclear energy developers to partner with, saying they wanted to add between one and four gigawatts of new nuclear generation in the U.S. That proposal, which is focused on advanced nuclear, remains in progress, and stands apart from the company’s backing of the Clinton facility.
“Securing clean, reliable energy is necessary to continue advancing our AI ambitions,” said Urvi Parekh, head of global energy at Meta. “We are proud to help keep the Clinton plant operating for years to come and demonstrate that this plant is an important piece to strengthening American leadership in energy.”
President Donald Trump recently signed four executive orders aimed at speeding nuclear deployment, setting a target of quadrupling U.S. nuclear energy by 2050. The executive orders call for, among other things, an overhaul of the Nuclear Regulatory Commission, as well as building out a domestic supply chain for nuclear fuel.
The White House has also called for faster regulatory approval for reactors – including small modular reactors. In the past, nuclear projects have been plagued by high upfront costs and long construction timelines. The industry is hoping that SMRs can be a more cost-effective way to scale up nuclear power. At present, there are no operational SMRs in the U.S.
Constellation said Tuesday that it is considering seeking a new permit from the Nuclear Regulatory Commission to possibly build a small modular reactor at the Clinton site.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway