Written by Cláudio Afonso | LinkedIn | X
Electric vehicle (EV) maker Polestar announced on Tuesday that delivered “approximately 13,000” units in the second quarter of the year. The stock price surged more than 16 percent on Monday to $0.916 per share and is currently trading nearly 4 percent lower this Tuesday following the news.
The result represents a growth of about 80 percent from the first three months of 2024 and takes Polestar’s year-to-date deliveries to 20,200 vehicles.
The company stated that had $784 million of cash and cash equivalents as of the end of the first quarter adding that has completed a 15 percent layoff earlier this year after a previous round of a 10 percent reduction in 2023.
Polestar 3, which started being delivered last week, will start being produced also in South Carolina “at the end of the summer” while the production of Polestar 4 is set to start in South Korea “in the second half of 2025”.
Avoiding the production in China, allows the company to sidestep the recently announced extra tariffs on China-made EVs by the European Commission.
The company stated that the move will “diversify its manufacturing footprint and mitigate the impacts of the announced tariffs”.
According to the most upvoted questions from both retail and institutional shareholders on the Say platform, the company’s demand trajectory, the impact of Volvo’s recent decision to scale back its investment in Polestar, and the stock’s performance are some of the hot topics among investors.
At 08:00 ET (14:00 CET), the company will host an earnings conference call where Polestar’s chief executive Thomas Ingenlath, and CFO Per Ansgar will address the shareholders’ concerns and provide business updates.
Here are the most upvoted questions that will be answered by Polestar’s management.
| 1. “What plan is in place to aid in recovering Polestar’s stock price over the next 12-24 months?” |
| 2. “Any news on the share buyback that was mentioned on the last call? The share price has taken a beating.” |
| 3. “What consequences do you see from Volvo stepping away?” |
| 4. “Any news on the share buyback that was mentioned on the last call? The share price has taken a beating,” |
| 5. “Are there any plans to partner with Volvo in North America to allow Polestar owners to utilize their service network as authorized service providers and users/owners? I’m 500-700 miles from my nearest Polestar service center and 10 miles from a Volvo Dealership & service center”. |
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On Sunday, Cantor Fitzgerald analyst Andres Sheppard issued a research note, maintaining the firm’s optimistic outlook on Polestar, Geely’s electric vehicle (EV) brand.
The note follows the 2023 financial results published by the EV maker last week reporting wider losses.
Sheppard reiterated the firm’s 12-month price target of $5 and the overweight rating for Polestar, stating, “Our 12-month $5 price target and Overweight rating are unchanged, pending a full model update”.
Last week, the company delivered the first units of the Polestar 3 at its headquarters in Gothenburg, Sweden. Earlier in the day, the company said it would start offering a new entry-level variant for the SUV with the introduction of a new Long Range Single Motor variant.
Earlier in the week, the EV maker launched the refreshed Polestar 2, featuring design updates, a revamped pack structure, increased range, and more individual options. Since the launch of the first iteration, the company has delivered more than 160,000 units across 27 markets.
Written by Cláudio Afonso | LinkedIn | X
