Montage: EV

Polestar receives a $10.1 million order from the subscription company Autonomy

Written by Cláudio Afonso | | LinkedIn | Twitter

The largest U.S. EV subscription company Autonomy placed an order on Tuesday for 23,000 electric vehicles from 17 automakers of which 200 Polestar 2 models.

The order with the Swedish EV manufacturer Polestar will generate $10.1 million of Revenue with an average cost of $50,500 per vehicle. Autonomy plans to “expand and diversify its subscription fleet” after starting its business with only Tesla models.

The fleet order is valued at $1.2 billion and includes automakers like Tesla, GM, Ford, VW AG, Hyundai, Polestar, VinFast, Kia, Lucid, Rivian, Lucid, Fisker, Mercedes, BMW, Stellantis, Toyota, Volvo, Subaru, and Canoo.

The 23,000 order represents 1.2% of the projected U.S. electric vehicle production through the end of 2023 and was designed to fit into the forecast production envelopes of each automaker, the company explained.

Earlier today, the company announced several strategic initiatives to increase the Canadian market, one of its best markets with retail deliveries up 244% year-to-date.

Thankful to the Canadian government’s CAD $5,000 i-ZEV electric vehicle rebate, the Polestar 2 model costs CAD $48,950 in the country, less than USD $40,000.

The company added that the second Polestar Space in Vancouver, located in the Kitsilano neighbourhood, is expected to open at the end of 2022.

Earlier this week, Citi analyst Itay Michaeli initiated coverage on Polestar shares with a Buy rating and a price target of $13, an upside potential of 38.6% based on Friday’s closing price.

Michaeli expects the company led by Thomas Ingenlath to reach a ~6% market share of the global revenue pool available by 2030, with autonomous vehicles being a potential source of upside.

Written by Cláudio Afonso | | LinkedIn | Twitter