Polestar 4 Going Head-to-Head With Porsche, Not Tesla, Says CEO

Swedish electric car brand  Polestar Automotive Holding UK PLC PSNY CEO Thomas Ingenlath addressed the competition of its newly launched battery-electric coupe SUV in its first-quarter earnings call on Thursday.

What Happened: Polestar 4 does not directly compete with Tesla Inc‘s TSLA Model Y, said Ingenlath. Instead, it is much closer in its price range to Porsche AG‘s DRPRF Macan, the CEO added.

The Polestar 4 was launched in China in April and production is expected to start deliveries in the fourth quarter. The price of the vehicle is expected to be between $60,000-$80,000.

While Tesla’s Model Y starts at $47,490, base 2023 Macan starts at $57,500.

Why It Matters: Polestar shares closed down 12.47% at $3.475 on Thursday following a cut in guidance. The company now sees a production volume of 60,000-70,000 in 2023, down from the previous guidance of 80,000 vehicles.

The company further announced a delay in commencing production of Polestar 3. Previously expected to start mid-2023, the start of production is now slated for early 2024 citing a delay in software development.

However, in the first quarter, Polestar reported a 26% year-over-year jump in deliveries to 12,076 cars.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read More: Tesla Continues Rollercoaster Pricing With 2nd Straight Weekly Hike In US

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsTechelectric vehiclesEVsmobilityPolestar 4Porsche Macan
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!