Polestar Reports Delivery Of ~7,200 Cars In Q1, Including 1,200 Polestar 4 In China
Portfolio Pulse from Benzinga Newsdesk
Polestar announced the delivery of approximately 7,200 cars in Q1, including 1,200 Polestar 4 models in China. Geely Holdings has become a major shareholder with a 24% stake, while Volvo Cars retains an 18% stake. The company's free float will increase to about 18%. Production of Polestar 3 has begun in China, with plans to start production in the USA in summer 2024.
April 11, 2024 | 11:10 am
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Polestar reports delivery of ~7,200 cars in Q1, including 1,200 Polestar 4 in China. Geely Holdings acquires a 24% stake, Volvo Cars retains 18%. Free float to increase to 18%. Polestar 3 production starts in China, with US production beginning in summer 2024.
The delivery of 7,200 cars in Q1, including a significant number of the new Polestar 4 model in China, indicates strong demand and operational success. Geely Holdings becoming a major shareholder and the increase in free float could enhance investor confidence and liquidity in PSNY shares. The start of Polestar 3 production in China and the planned expansion to the US market in 2024 suggest growth potential, likely positively impacting PSNY's stock price in the short term.
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