U.S. Treasury Secretary Janet Yellen has called on the European Union to collaborate with the United States in addressing the surge of Chinese green-tech exports, warning that the influx threatens global manufacturing sectors.
Geely's electric vehicle manufacturer Polestar faces intense pressure amid weakening demand, with its stock hitting an all-time low. On Monday, shares dropped to $1.13, as the company struggles to remain above the $1 threshold required to comply with Nasdaq listing requirements.
Geely's electric vehicle manufacturer Polestar revealed on Friday that it received a deficiency notice from Nasdaq for not filing its annual report for the fiscal year of 2023. Polestar shares closed on Friday 8 cents above its all-time low of $1.16 reached on April 25.
Magna Steyr, the automotive contract manufacturer, is actively exploring potential collaborations with Chinese OEMs to manufacture their vehicles in Europe. Magna has manufactured more than four million vehicles, including 34 different models from 11 automakers.
Citi analyst Itay Michaeli lowered on Thursday the firm's price target on Polestar shares from $2.50 to $1.70 per share while maintaining a Neutral rating.
Volvo Cars announced on Monday that has completed the distribution of 62.7 percent of its shares in Polestar Automotive Holding UK PLC to its shareholders in the form of Swedish Depositary Receipts (SDRs).
The upcoming week can see tariffs on clean-energy goods from China increasing as much as 400 percent. When it comes to the tariffs on electric vehicles manufactured in China, US officials expect to raise the tariff rate from 25 percent to nearly 100 percent, sources told WSJ.
The Biden administration is poised to unveil fresh tariffs on China next week, with a focus on key sectors such as electric vehicles, batteries, and solar cells, diverging from Trump's broad tariff approach.
Donald Trump, the Republican presidential candidate running against Biden in the upcoming presidential election on November 5th, pledged to overturn many of the Biden administration's environmental regulations.
The electric vehicle (EV) manufacturer Polestar announced on Tuesday that it would postpone the release of its financial results for the fourth quarter and full year of 2023 for the second time. Polestar shares plummeted 11.50 percent in after-hours market to $1.23 per share following the news.
Polestar shared on Monday that its upcoming model Polestar 5 successfully charged from 10 to 80 percent in 10 minutes using the extreme fast charging from the startup StoreDot.
Polestar, one of the electric brands from the Geely empire, announced this Wednesday the arrival of the Polestar 4 SUV to the US market. The first deliveries are planned for the last quarter of the year with the model starting at $55,000.
In March, the European Union's car market faced its first monthly decline of the year, marking a 5.2% drop to 1 million units — the European Automobile Manufacturers' Association (ACEA) numbers unveiled on Thursday.
Polestar shares hit on Monday morning a new all time low of $1.24 per share as sales pressure increase and the redemption shares from Volvo's stake start trading. On LinkedIn, CEO Thomas Ingenlath addressed shareholders emphasizing the company's commitment to succeed with the latest models 3 and 4.
Geely's brand Polestar is gearing up to expand its product portfolio and unveil its phone on Tuesday, April 16th. The smartphone is expected to start at 4,999 Yuan ($700) in China.
Geely's brand Polestar reported on Thursday the delivery of "approximately 7,200" electric vehicles in the first quarter, a 40 percent crash when compared to 2023. At the time, the manufacturer had delivered 12,000 units marking a yearly growth of 26 per cent.
Geely Holding Group reported on Thursday its first quarter sales of 738,400 vehicles, an yearly increase of 27%. The figure includes sales from Geely Auto, Lynk & Co, Zeekr, Volvo Cars, Polestar, Proton, Lotus, Smart, Radar, LEVC, and Farizon.
Polestar achieved its highest sales figures since September 2023 with 357 units registered in March. Despite this improvement, March's figures still fall short of the manufacturer's peak performance seen in June and July of last year, when it registered 950 and 1,052 vehicles, respectively.
