All articles tagged with #polestar
Polestar confirms it will offer Apple's CarPlay Ultra in future electric vehicles, although no specific timeline has been provided. CarPlay Ultra, which offers deep integration with vehicle systems, is currently available in Aston Martin models and is expected to be adopted by other automakers like Hyundai, Kia, and Genesis over the next year or more.
Polestar is set to release its own smartphone, co-developed with Meizu, featuring an innovative 21:9 aspect ratio and running Xingji Meizu’s FlyMe OS, due to the absence of Android Auto and Apple CarPlay in the Chinese market. The phone is expected to seamlessly integrate with Polestar vehicles, offering features like accessing vehicle data through an AI-powered voice assistant. This move reflects the increasing integration of technology and automotive industries in China, as Polestar aims to future-proof its models with accompanying devices that work seamlessly with infotainment systems.
Polestar, the electric vehicle company, has teased the launch of its own smartphone, which appears to be a rebranded version of the Meizu 21 Pro running a custom OS called PoleStarOS. The phone is expected to integrate tightly with the Polestar EV ecosystem, offering a compelling reason for Polestar EV owners to make the switch. Sporting a Snapdragon 8 Gen 3 chipset and a 50 MP main camera, the phone is set for an April 24th launch and could potentially rival any future Tesla smartphone.
Ford has slashed prices of its F-150 Lightning electric pickup truck by up to $5,500 in an effort to boost sales, while Polestar's sales have dropped 40% in Q1. The NTSB is investigating a fatal crash involving a Ford Mustang Mach-E using the BlueCruise driver assist feature, and the EPA is cracking down on toxic chemicals used in the auto industry.
Waymo receives a permit to operate a commercial robotaxi service in Los Angeles, San Francisco Peninsula, and on San Francisco freeways, while Fisker announces a 15% staff cut and seeks collaboration with Nissan for an electric pickup truck. Polestar secures a $950 million loan to support its EV plans, and Range Energy raises $23.5 million for electric powered trailers. Meanwhile, Apple cancels its autonomous electric car project, GM stores Cruise Origin robotaxis, and Motional plans to cut 5% of its workforce. Additionally, Xiaomi unveils its first electric car, and Amazon stops selling the Ring Car Cam.
Volvo plans to sell 62.7% of its stake in EV maker Polestar and cut off funding, aiming to focus on its own development as it transitions to lead in next-gen mobility. Despite the sale, Volvo will retain influence over Polestar and continue collaboration. Geely, Polestar's parent company, will support the EV maker financially and operationally. Polestar is set to launch new models, while Volvo also has an exciting lineup of EVs launching this year. Polestar's stock is down over 8% following the news, reflecting a broader downturn in EV stocks.
Polestar's upcoming smartphone, developed by Meizu, has been listed as compatible with Google Play, confirming it will run on Android. The device, expected to be named the Polestar Phone, will feature a triple-rear camera and a Qualcomm Snapdragon 8 processor. Manufactured by Meizu for Polestar, the phone is initially targeted for the Chinese market, with potential for a global release.
Hertz missed Q4 earnings expectations, citing challenges with its electric vehicle (EV) fleet, and plans to reduce the number of EVs in its fleet to improve profitability. The company reported a net loss of $348 million in the fourth quarter, with a significant portion attributed to depreciation related to Tesla EVs. Hertz is selling about 20,000 Tesla EVs and plans to invest the proceeds into gas-powered cars, while also delaying the purchase of Polestar's EVs. Despite the earnings miss, Hertz's stock rose 8% as investors responded positively to the cost-cutting measures, although the company's business model remains high risk due to owning its vehicles outright and potential future repurchases at lower prices.
Hertz has paused its plan to purchase 65,000 electric vehicles from Polestar, following its decision to sell off 20,000 EVs due to high repair costs. This move reflects a broader slowdown in the electric vehicle market, with major automakers reevaluating their EV investments. The pause is a setback for both Hertz and Polestar, as the rental company faces potential losses on its existing EV fleet, and Polestar struggles to attract customers amid the wider EV slump.
Hertz has halted plans to purchase more electric vehicles from Polestar after facing significant financial losses from its previous EV acquisitions, including a fleet of 100,000 Teslas. The company cited price cuts, higher depreciation, and repair costs as reasons for the losses. This decision marks a setback for Hertz, which had aimed to have 25% of its fleet electric by 2024. The move reflects a broader trend of companies reevaluating their EV commitments due to softer demand and financial challenges.
Polestar (PSNY) shares are declining as Hertz delays its plans to purchase EVs this year, including Polestar's electric vehicles. Hertz had previously made a significant order of Tesla vehicles but is now facing challenges with its EV fleet goals and financial strain due to volatile car prices. The delay in purchasing Polestar EVs has led to uncertainty about large-scale sales in the future, and Polestar's stock has dropped over 70% in the past 12 months.
Hertz has decided to postpone its plans to purchase electric vehicles from Polestar this year, citing supply chain challenges. This decision comes after Hertz announced a major order of 100,000 electric vehicles from Tesla and 50,000 from Polestar as part of its initiative to electrify its rental fleet. The car rental company's move reflects the ongoing impact of supply chain disruptions on the automotive industry.
Volvo's stock surged after reporting strong sales and a 70% increase in EV deliveries, resulting in a 21% revenue jump and a 43% surge in profit. The company will no longer fund Polestar and is evaluating a potential adjustment with its shares, with Geely Sweden Holdings possibly becoming a new shareholder. Volvo's focus on the premium end of the EV market and its flexibility in product offerings have contributed to its success, with plans to become a fully electric company by 2030. Despite the ownership change, Volvo and Polestar will continue to collaborate on engineering for their next-generation vehicles.
Volvo Cars will stop funding its all-electric performance brand Polestar and reallocate funds towards its own projects, as it plans to transfer a portion of its stake in Polestar to parent company Geely, which will provide full operational and financial support to Polestar. Despite Volvo's record profits and successful EV sales, Polestar has struggled, leading to layoffs and delivery target issues. The line between Volvo and Polestar has blurred, and Geely's bailout aims to support Polestar's future endeavors.
Volvo is ready to stop funding Polestar and hand over control to Geely, its parent company, due to Polestar's struggles as an efficient investment and stable competitor in the EV market. Despite reporting some growth and positive reception for its Polestar 4 vehicle, Volvo is considering relinquishing its shares in Polestar, which have declined significantly since the company went public in 2022. Geely has announced its commitment to providing operational and financial support to Polestar as an independent brand.