RIP Polestar
Why Volvo has pulled the plug on its electric car brand
Polestar remains stuck in the red as battery-powered vehicles lose their illustrious shine
www.telegraph.co.uk
RIP Polestar
Why Volvo has pulled the plug on its electric car brand
Polestar remains stuck in the red as battery-powered vehicles lose their illustrious shinewww.telegraph.co.uk
Battery tech is a dead end tech.
Idkw people can’t see this.
Hertz Global hits the brakes on EV plans with Polestar Automotive
Feb. 05, 2024 7:41 AM ETPolestar Automotive Holding UK PLC (PSNY) StockTSLA, HTZBy: Clark Schultz, SA News Editor
Smith Collection/Gado/Archive Photos via Getty Images
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) fell in early trading on Monday after Financial Times reported that Hertz Global Holdings (HTZ) paused plans to buy tens of thousands of electric vehicles from the automaker this year. Hertz's head of the electric vehicle brand pointed to a collapse in resale values last year as a major factor in the decision to pull back on EV plans.
Of note, Hertz Global (HTZ) agreed in 2022 to buy 65K Polestar cars over five years and to buy 100K Tesla (TSLA) cars in a push to offer customers EV options. However, a collapse in the resale value of EVs and high repair costs has led to Hertz altering its strategies with Polestar (PSNY) and Tesla (TSLA).
Polestar (PSNY) CEO Thomas Ingenlath told the Financial Times that he had been contacted by Hertz’s chief executive Stephen Scherr last autumn to ask whether he could pause their agreement to buy a certain number of EVs throughout 2024 after the company bought 20K electric vehicles from Polestar (PSNY) in the two-year period of 2022 to 2023. Inglenlath confirmed that Polestar (PSNY) agreed to waive Hertz's (HTZ) requirement to buy its allocated number of cars in return for the rental car giant agreeing not to sell current Polestar vehicles held in inventory either too early or too cheaply.
Residual fleet equity value is the most significant asset on a rental company's balance sheet. The upside down hockey stick depreciation curve of EVs is incompatible. How many quarter's earnings will be required to make up for Hertz's EV folly?
Tesla owner pulled over and ticketed while using VR set.
A user named Dante took to X, previously known as Twitter, to share a video of himself driving a Tesla with the Apple Vision Pro covering his eyes, on Friday, the same day the headset was released.
The brief clip showed Dante driving down a highway, visibly interacting with a screen visible only through the virtual headset, while his hands are off the wheel.
The video abruptly transitioned to Dante being pulled over by the police, with lights flashing behind him as he sits in a parking lot.
How about state troopers? What if their battery is getting low while they are chasing a suspect for some crime? If firetrucks go EV their batteries could run down while a building is still burning. Ambulances could be in a life and death situation and their batteries run down while on the way to a hospital. Any first responders would have a problem while they are out in the bood docks trying to apprehend criminals. EVs inhale excessively (they suck).
Most of the Gov, State, and local emergency vehicles, and heavy duty stuff gets to stay just the way they are. YOU have to change your stuff over. The reasons they site to keep their fleet the same, are the exact same reasons we all have.How about state troopers? What if their battery is getting low while they are chasing a suspect for some crime? If firetrucks go EV their batteries could run down while a building is still burning. Ambulances could be in a life and death situation and their batteries run down while on the way to a hospital. Any first responders would have a problem while they are out in the bood docks trying to apprehend criminals. EVs inhale excessively (they suck).