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Volvo shares jump 26% on higher sales, plans to stop Polestar funding

Therefore, I believe Polestar could be worth buying as it hovers near its all-time low — but investors should brace for a lot of near-term volatility. The company started producing the Polestar 2, an electric sedan that costs about $50,000, in 2020. It can last 335 miles on a single charge, which is comparable to the range of Tesla’s (TSLA 0.84%) Model 3. Yet Polestar has already delivered tens of thousands of vehicles to date — which sets it apart from other fledgling EV makers still struggling to ramp up their production. Moreover, Volvo already established Polestar’s brand with high-end gas-powered and hybrid vehicles over the past decade before spinning it off as a stand-alone EV maker.

Work with our award-winning creative services studio and advertising agency to bring your brand or product story to life. Broadly, Volvo is the biggest shareholder, with just under 50% of Polestar. Affiliates of Geely chairman Eric Li own a little under 40%. Of course, Geely owns more than 80% of Volvo, and Eric Li is Volvo’s chairman. When Volvo’s designer team was working on the script logo for the new car, they opted for a minimalistic, modern typeface with rounded corners. Like the original one, it also featured a star, yet its shape, as well as the overall look of the logo, was completely different.

  1. Work with our award-winning creative services studio and advertising agency to bring your brand or product story to life.
  2. It’s also Polestar’s most powerful and quickest EV to date with up to 544 hp from the dual-motor setup and a 0-62 mph time of 3.8 seconds.
  3. The engine optimization increases the power and torque output, varying depending on engine model.
  4. The Polestar brand emerged from Flash Engineering, which was created in Sweden with the aim of racing the Volvo Touring Cars in the STCC.

The limited run LA Concept edition has already sold out. The Polestar 5 will be a flagship, four-door grand tourer that should rival the Porsche Taycan. It Polestar’sk a lot like Polestar’s stunning Precept concept car from 2020 and be far more than a tuned-up Volvo. Reports have the Polestar 5 getting new battery technology and a rigid, lightweight bonded aluminum platform — a feature typically reserved for supercars. Polestar unveiled the all-new Polestar 3 SUV in October 2022.

It’s a little claustrophobic and oddly reminiscent of the 1980s-era “formal” rooflines found in cars like the Chrysler New Yorker, with an abrupt roofline that came straight down behind the rear headrests. Except the Volvo’s interior cabin doesn’t match what the exterior body panels are doing. In-person, the Polestar 4 is a bit odd-looking, but I think generally it’s a sharp-looking car. As is the trend with many modern EVs, it can be hard to gauge the physical size of the 4 in pictures; is it Honda Civic-sized?

The compatriot luxury electric vehicle brand has struggled since going public in June 2022, and analysts were wary that it had become a drag on Volvo’s resources. The group announced it may hand stewardship of ailing luxury car brand Polestar over to majority Volvo shareholder, China’s Geely Holding, which has a 78.65% stake in the company, according to LSEG data. A pole star is a visible star that is approximately aligned with the axis of rotation of an astronomical body; that is, a star whose apparent position is close to one of the celestial poles.

How we build a Polestar

That brand recognition could help it stand out in the increasingly crowded EV market. Polestar’s stock opened at $12.98 after the deal closed, but it now trades at about $5 a share. Like many other SPAC-backed EV makers, Polestar lost its luster as investors questioned its rosy long-term expectations, high valuations, and ongoing losses amid a backdrop of rising interest rates. Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation. Finder monitors and updates our site to ensure that what we’re sharing is clear, honest and current.

Learn more about Polestar 4

Germany, Europe’s largest car market, is set to see a 14% slump in EV sales this year. Due to the precession of the equinoxes (as well as the stars’ proper motions), the role of North Star has passed (and will pass) from one star to another in the remote past (and in the remote future). Currently, there is no South Pole Star like Polaris, the so-called North Star. Its angular separation from the pole is about 1° (as of 2000[update]). The Southern Cross constellation functions as an approximate southern pole constellation, by pointing to where a southern pole star would be. If you happen to be driving one, it’s a question you’ll get asked constantly.

Is it a good time to buy Polestar Automotive stock?

Tesla was the first carmaker to use a big touchscreen and reject all buttons. Polestar is following suit while putting its own spin on things. Polestar also has an SUV hitting the streets in late 2023, the Polestar 3, that will be built in China and later the US at a Volvo factory in South Carolina. In 2020 the Polestar logo was refined, with the color palette of the emblem being changed tome medium and light shades of gray, with both ticks divided into two halves, looking voluminous and fresh, and perfectly depicting the name of the automaker. The Polestar emblem has no additional lettering or framing on it.

The composition was set in plain black and looked edgy, progressive, and very professional. This badge stayed with the company for a bit less than three years. The inscription was set in an elegant sans-serif typeface with square shapes of the letters and rounded ends of the bars. Look out for your regular round-up of news, reviews and offers in your inbox. Come 2040, ARK Invest anticipates applications for battery technology will experience their own “Cambrian explosion”—a reference to the most intense burst of rapid-fire evolution Earth has ever seen. This should enable flying taxis to transform urban landscapes by that point.

Polestar originally expected its annual revenue to surge to $13.3 billion in 2024, which would represent a whopping three-year compound annual growth rate (CAGR) of 117% from 2021, as its annual sales soar to 225,000 vehicles. However, analysts expect its annual revenue to grow at a slightly lower CAGR of 109% to $11.8 billion by 2024. If you’re an electric vehicle owner, charge up your car at home with rooftop solar panels. To make sure you find https://traderoom.info/ a trusted, reliable solar installer near you that offers competitive pricing on solar, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Whatever the Polestar 4 purports itself to be, it’s definitely a stylish thing. It’s wide and low, with good proportions, although some may feel the rear end ends a little too abruptly. Like all the other cars in the Polestar showroom, the Polestar 4 is cleanly styled, with neat side surfacing. Every line has a purpose, and all the minor details are masterfully crafted and seamlessly integrated into the vehicle’s body. Even the 4’s lack of a rear window feels outrageously chic. Even the price points are way different; the Polestar 3 starts at a surprisingly high $83,600, whereas we expect the Polestar 4 to clock in at the $60,000 range.

It’s launching with a potent dual-motor AWD powertrain that can put out up to 517 horsepower and 671 lb-ft of torque while still delivering around 300 miles of range. So given the recent gloomy news in the EV industry, why is Wood’s ARK Invest so bullish? The asset manager bases its call on a conviction that the cost for batteries will tumble 28% every time their production output (measured not in units but kilowatt hours) doubles. In practice however, Polestar has been unable to scale fast enough to finance itself internally, growing vehicle sales by just 6% in 2023.

“Many are pulling back from the market…because the already-profitable market leaders are cutting prices aggressively,” ARK Invest wrote, citing General Motors, Volkswagen, and Ford delaying some of their EV capacity expansion plans. Polestar stock began trading on the Nasdaq on Friday under the ticker symbol “PSNY.” The stock opened at $12.98, climbed to a high of $13.36 and then drifted lower by midday. For 2023 as a whole, operating income climbed to 25.6 billion kronor from 17.9 billion kronor in 2022, while revenue increased to 399.3 billion kronor from 330.1 billion kronor the previous year.

They’re completely different cars, at different price points. (Maybe niece and nephew.) But the point is, the Polestar 3 is meant to be the brand’s halo SUV, while the Polestar 4 is the volume-seller. The Polestar 4 also is said to clock a preliminary range target of over 300 miles on the long-range, single-motor variant, using a 102-kWh battery pack. Polestar says you won’t miss that pane of glass in a camera-filled, self-driving future. I attempted to find that out during my ride-along in a preproduction prototype of the Polestar 4.

Did Polestar just decide to fill in the rear window of a normal sedan and pretend like it’s a crossover? The Polestar 4 is definitely on the lower-slung side of the EV crossovers, about two inches shorter than the Hyundai Ioniq 5, but the rest of the dimensions ic markets forex broker review are fairly girthy. The Polestar 4 is about 8 inches longer, and 5 inches wider than the Ioniq 5. It’s a car that is shockingly imposing when viewed in person. Regardless, Polestar is attempting to distance itself from Volvo’s more demure style.

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