Polestar Automotive (PSNY)


February 1, 2024

PSNY: More Financial Machinations Coming

By Steven Fox

Earlier today, Polestar (PSNY; $1.83; E/W) and Volvo Cars (VOLCAR.SE; KR34.54; NR) both publicly disclosed that Volvo intends to distribute its shares in Polestar to shareholders with Geely Sweden Holding being the primary recipient. Recall,…

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January 12, 2024

PSNY: Big Q4 Delivery Disappointment

By Steven Fox

Last night, Polestar (PSNY; $1.84; E/W) announced Q4 vehicle deliveries were approximately 12,800 (-15% QoQ and -39% YoY) or well below our estimate of 18,183 and the company’s own guidance of ~18,200, which it blamed…

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November 13, 2023

PSNY: Reducing Rating to Equal-Weight

By Steven Fox

We are reducing our rating on the shares of Polestar (PSNY; $2.07) from Outperform to Equal-Weight after last Wednesday night’s Q3 results were somewhat of a “mixed bag” and Q4E guidance once again disappointed in…

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October 9, 2023

PSNY: Reiterates 2023E Targets with Q3E Delivery Update

By Steven Fox

We are adjusting our Q3E and Q4E modeling for Polestar (PSNY; $2.66) after the company disclosed last Thursday (10/5) that its Q3 vehicle deliveries were approximately 13,900 (+50% YoY) and that it believes the company…

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August 31, 2023

PSNY: Facing a Critical 18 Month Period Post Q2 Print

By Steven Fox

Polestar (PSNY; $3.33; O/P) announced full Q2 results this morning that were generally around our expectations outside of some noticeable gross margin disappointment. At the same time, the company shipped 15,765 vehicles during Q2, which…

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July 10, 2023

PSNY: Adjusting Model for Better Q2 Deliveries

By Steven Fox

We are raising our Q2E and full 2023E sales for Polestar (PSNY; $4.49; O/P) after the company disclosed last week that its Q2 vehicle deliveries were approximately 15,800 (+36% YoY), which was well ahead of…

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June 22, 2023

PSNY: CTO Chat Highlights Benefits of Partnered Approach

By Steven Fox

On Tuesday (6/20), we hosted a “fireside chat” at our Transportation Technology Conference with Polestar’s (PSNY; $3.61; O/P) Chief Technology Officer Jörg Brandscheid, who was joined by Bojana Flint, Head of IR. The conversation highlighted…

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June 14, 2023

PSNY: Model Mix Magic to Consider

By Steven Fox

We are adjusting our model for Polestar (PSNY; $3.81; O/P) to better incorporate our expectations around vehicle model mix, which as we have previously highlighted, can be worth ~800bps towards longer term gross margin targets…

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May 12, 2023

PSNY: A Volvo Software Delay Bites Product Ramp

By Steven Fox

Polestar Automotive (PSNY; $3.34; O/P) lowered its full 2023E vehicle deliveries outlook from ~80K (+55% YoY) to 60-70K (+16-36% YoY) with the release of its Q1 results, which also included a range of other “puts…

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April 12, 2023

PSNY: Designed for Scale; Initiate with Outperform

By Steven Fox

We initiate on the shares of electric vehicle maker Polestar Automotive (PSNY; $3.84) with an Outperform rating and price target of $7. The stock has now declined 68% over the past year to a valuation…

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