Polestar Automotive Leaps Ahead in the EV Production Race

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Polestar Automotive Leaps Ahead in the EV Production Race

Jea Yu2023-07-25

Polestar Automotive Holding UK PLC NASDAQ: PSNY is an electric vehicle (EV) maker headquartered in Gothenburg, Sweden. Shares are finally breaking out of a seven-month-long weekly descending triangle ...

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Shares are finally breaking out of a seven-month-long weekly descending triangle ...</p>\n\n<a href=\"https://www.marketbeat.com/originals/polestar-automotive-leaps-ahead-in-the-ev-production-race/\">Source Link</a>\n\n</div>\n","source":"marketbeat_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Polestar Automotive Leaps Ahead in the EV Production Race</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPolestar Automotive Leaps Ahead in the EV Production Race\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-07-25 19:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketbeat.com/originals/polestar-automotive-leaps-ahead-in-the-ev-production-race/><strong>Jea Yu</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Polestar Automotive Holding UK PLC NASDAQ: PSNY is an electric vehicle (EV) maker headquartered in Gothenburg, Sweden. Shares are finally breaking out of a seven-month-long weekly descending triangle ...</p>\n\n<a href=\"https://www.marketbeat.com/originals/polestar-automotive-leaps-ahead-in-the-ev-production-race/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"QQQ","symbol_name":"纳指100ETF","start_time":0,"source_url":"https://www.marketbeat.com/originals/polestar-automotive-leaps-ahead-in-the-ev-production-race/","article_id":"2354152743","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2354152743","pubTimestamp":1690284540,"columns":[],"sourceInfo":{"source_id":"marketbeat_highlight","name":"MarketBeat"},"weMediaInfo":null,"summary":"Polestar Automotive Holding UK PLC (NASDAQ: PSNY) is an electric vehicle (EV) maker headquartered in Gothenburg, Sweden. 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Shares are finally breaking out of a seven-month-long weekly descending triangle pattern driven by its record quarterly vehicle deliveries recorded for Q2 2023.Key Points\nPolestar is an overlooked Swedish EV manufacturer already in production with a record 15,800 deliveries in Q2 2023, up 36% YoY.\nThe company confirmed full-year 2023 deliveries between 60,000 to 70,000, outproducing Rivian, Lucid and Fisker.\nPolestar originally forecast 80,000 vehicles in 2023 until pushing back its Polestar 3, which called for the lowered range forecast in May 2023.\nSoftware issues caused the delay of its Polestar 3 electric SUV, which is now scheduled to start production in Q1 2024.\nPolestar was spun off from Volvo, owned by Geely Automotive, out of China.\n5 stocks we like better than Polestar Automotive Holding UK\nIn comparison, Polestar delivery estimates for 2023 bests competitors  Rivian Automotive Inc. NASDAQ: RIVN at 50,000, Fisker Inc. NYSE: FSR at 34,000 and Lucid Group Inc. NASDAQ: LCID at 10,000 deliveries.\nIt’s miles behind the EV juggernaut Tesla Inc. NASDAQ: TSLA, which expects 1.82 million EV deliveries in 2023. Polestar originally expected 80,000 vehicle deliveries but lowered that number after software issues delayed its launch of the Polestar 3 electric SUV.\nThe Family Tree \nIf you're wondering how Polestar has been able to deploy such manufacturing capacity so quickly since launching in 2017, it's because Polestar is a subsidiary of Volvo. Volvo is 80% owned by Chinese automotive giant Zhejiang Geely Holding Group Co. Ltd, Geely Automotive out of Hangzhou, Zhejiang, in China.\nGeely operates many brands and subsidiaries worldwide, including Volvo, Polestar, Lotus, Zeekr, Smart, London Electric Vehicle Company (LEVC), Geely Galaxy, Proton, Livan/Maple, Geometry, Lynk & Co. and Radar Auto. Polestar's EVs are manufactured at the Volvo Cars Factory in Chengdu, China.\nWhile Polestar shares many of Volvo's suppliers, it has its independent design team. The company is building a new factory with Volvo in South Carolina. It's scheduled to start production in 2024 with the capacity to manufacture up to 300,000 EVs annually. Volvo will also be producing its EX90 EV there.\nSimple Model Simple Design  \nUnlike most car manufacturers coming up with clever names for their vehicle models, Polestar makes it simple and easy to remember their models, which are called Polestar 1, Polestar 2 and the (delayed) Polestar 3.\nThe simple names align with the design of its cars, embracing Scandinavian minimalism expressed through clean lines, high-quality materials and elegant interiors.\nIts Polestar 2 has a starting MSRP price of $55,850 with a dual motor, all-wheel drive line for a 260-mile range powered by 300kW/408 horsepower. It can be upgraded to 350 kW/476 horsepower, going 0 to 60 mph in 4.2 seconds.\nEdging Closer to Profitability\nOn May 11, 2023, Polestar released its first-quarter 2023 results. The Company reported a GAAP earnings-per-share (EPS) loss of 1 cent, beating analyst expectations by 5 cents. Revenues rose 20.7% YoY to $546.02 million, missing estimates by $63.68 million.\nVehicle deliveries grew 26% YoY to 12,076 in the quarter, and grew its five-year total production to over 100,000 units across 27 markets. The company is intensifying its focus on cost management, including a global hiring freeze and a 10% reduction in headcount.\nPolestar CEO Thomas Ingenlath commented, \"We are taking necessary steps to strengthen Polestar soon. While production of Polestar 3 will now start in the first quarter of 2024, the successful launch of Polestar 4 last month means that we will add two strong offers in the attractive electric SUV market in 2024. I am confident we will deliver on our growth ambitions and path towards profitability.\"\nRecord Deliveries in Q2 2023\nOn July 6, 2023, Polestar revealed its best quarterly deliveries in Q2 2023. Deliveries rose 36% to 15,800 EVs. CEO Ingenlath expects the momentum to continue for the rest of the year for a seasonably stronger second half of 2023. More than 20 permanent Polestar Spaces showrooms are expected to open soon.\nCitigroup resumed coverage with a Neutral rating and a $5 price target. \nPolestar analyst ratings and price targets are at MarketBeat.\n\nWeekly Descending Triangle Breakout \nThe weekly candlestick chart on PSNY depicts a breakout out of the bearish descending triangle pattern. The descending triangle commenced in November 2022 after peaking at $8.25 and falling to $3.20 in March 2023. Each rally attempt continuously faded at a lower high to form a descending trendline.\nMeanwhile, PSNY continued to hold support at $3.20 to form a flat-bottom horizontal trendline. As PSNY moved closer to the apex, it finally triggered a breakout in June 2023 through the $3.70 resistance to proceed to extend the breakout through the weekly market structure low (MSL) trigger at $3.95 as shares rallied up toward $4.95 before peaking in July 2023.\nThe weekly relative strength index (RSI) rose to the 50-band before starting to stall and possibly fall. Pullback support levels are $3.95 weekly MSL trigger, $2.53, $3.20 flat-bottom trendline and $2.86.Should you invest $1,000 in Polestar Automotive Holding UK right now?Before you consider Polestar Automotive Holding UK, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Polestar Automotive Holding UK wasn't on the list.While Polestar Automotive Holding UK currently has a \"Hold\" rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here 12 Stocks Corporate Insiders are AbandoningIf a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know?Get This Free Report","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}