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.That's a fantastic price. I had to replace 1 tire and is was over $300.
I know, huh! If you remember I replaced my Model Y tire with the same tire, and it was over $300. I was just about to pick up some Pirelli's that were on sale for $285, then I saw these
I was in San Diego this week and rode in a Polestar. Thought it was a really nice car. Also saw tons of Model 3 and Y’s, a ton.
The Polestar 2 is a really nice car, rides really good, and if you have the dual motor with the performance upgrade, it's a blast. But California is Tesla country. From SoCal, to NorCal. Tesla owes it's success to Californians.
I can easily count 20 Tesla's in the first 5 minutes heading to work. I wouldn't even try to play "count the Tesla's" because my head would be spinning 😂
The Polestar 2 is a really nice car, rides really good, and if you have the dual motor with the performance upgrade, it's a blast. But California is Tesla country. From SoCal, to NorCal. Tesla owes it's success to Californians.
I can easily count 20 Tesla's in the first 5 minutes heading to work. I wouldn't even try to play "count the Tesla's" because my head would be spinning 😂
In the small parking lot at my hotel bungalow there were 4 cars there, a BMW 740 which looked sweet and 3 Model Y’s with the exact same color (white) with the exact same black turbine wheels.
In the small parking lot at my hotel bungalow there were 4 cars there, a BMW 740 which looked sweet and 3 Model Y’s with the exact same color (white) with the exact same black turbine wheels.
Sometimes when I go to a mall or parking garage I have to honk my horn with the app to find which Y is mine. Seriously!
Sometimes when I go to a mall or parking garage I have to honk my horn with the app to find which Y is mine. Seriously!
I'm sure I made someone's Sentry event at Costco last week. I couldn't figure out why the hatch wasn't opening, until I saw that I was parked 3 spaces over.
I'm sure I made someone's Sentry event at Costco last week. I couldn't figure out why the hatch wasn't opening, until I saw that I was parked 3 spaces over.
This morning I have to meet a vendor at a new building my company is leasing in Fremont, and I kid you not, every other car in Fremont is a Tesla lol 😄. Going back to the advertising discussion, certainty not needed in California
Looks like I'll be going back to driving the Polestar come next week. My son who drives a lot has already put over 30K miles on it....and we still have almost a year left on the lease. 30k is the max allowed mileage, and I'm now being charged per mile overage if I end up turning it in next January, which is the most likely case. I drive less than half the miles of my son, so there will be less overage on it when I turn it in next year.
I noticed that he's averaging about 41.7 kWh per 100 miles (that's 2.4 miles per kWh), which means he's a lead foot and is probably driving way to fast on the highway. With the Tesla, I can monitor him more and even set a max speed, which I'm sure he won't like
Polestar secures USD 1 billion external funding; business outlook confirmed
USD 950 million external funding secured
Geely Sweden Holdings intends to participate in future financing activities when required
Richer product mix: global roll-out of two new SUVs to drive significant volume and profit margin progression expected in second half of the year
Efficiency program delivers results
GOTHENBURG, Sweden, February 28, 2024--(BUSINESS WIRE)--Polestar Automotive Holding UK PLC (Nasdaq: PSNY), the Swedish electric performance car brand, announces that it has secured USD 950 million in external funding. The company is making strong progress on its strengthened business plan and achieving its 2025 targets.
The financing is being provided by 12 leading international banks including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC and SPDB, in the form of a three-year loan facility. It provides Polestar with the funds it requires to finance the next stage of its development and covers a large majority of its estimated financing needs. Cash on the balance sheet as at 31 December 2023 was approximately USD 770 million.
Thomas Ingenlath, Polestar CEO, says: "Securing funding from a syndicate of global banks reflects our partners’ support for Polestar’s growth course. Together with Geely’s full financial support and access to innovative technology and engineering expertise, we have reinforced our path towards cash flow break-even targeted in 2025."
Daniel Li, Geely Holding Group CEO and Polestar Board Member, says: "As a strategic partner and direct shareholder in Polestar, Geely will continue to provide full operational and financial support to the iconic performance car brand going forward. We will retain our shares in Polestar and intend to participate in future financing activities when required. Polestar will have full access to technologies and engineering expertise from Geely Holding to realise its global growth targets."
Delivering on our strengthened business plan
The financing that has now been agreed will be accompanied by a comprehensive efficiency program from Polestar. Among other measures, 10 percent of jobs have been cut since mid-2023, with a further 15 percent to follow this year.
Polestar has thus made significant progress on its strengthened business plan and 2025 targets: achieving cash flow break-even, annual volume of over 155,000 and a gross margin in the high teens.
At the same time, Polestar was able to expand its model range with two high-margin SUVs. The Polestar 4 sales are accelerating around the world, Polestar 3 has now started production in China and has also successfully completed test production runs in South Carolina, USA. Prototype production of Polestar 5, a progressive performance GT, will also accelerate in 2024.
Finally, in addition to the secured USD 950 million in external funding, the recently announced new shareholder structure in Polestar provides a solid basis for the brand’s further business development. Under the new structure, Geely Sweden Holdings will become the second largest shareholder and Volvo Cars intends to retain an 18% stake.
"This marks a new phase in Polestar’s business," says Thomas Ingenlath. "The efforts of recent years are paying off: We improved our cost basis, secured financing and are ramping up our product offensive. Both SUVs now sharpen the brand, target one of the fastest growing segments in the industry and position us for strong volume growth and profit margin progression from the second half of 2024," he adds.
Outlook
At the end of this year, Polestar expects volume growth that supports the 2025 volume target and a double-digit gross profit margin. Volume and margin progression are expected to be weighted towards the second half of 2024, as the two SUVs reach full production and global distribution.
