Another company learns the public wants what it wants, not what you want to sell them.

[SteinwayTransitCorp]

Major Auto Company Shuts Down Funding to EV Subsidiary, Immediately Sees Stock Price Boom​

Car manufacturers and retailers have become increasingly concerned about the future of the electric vehicle industry.​

George C. Upper III By George C. Upper III February 1, 2024
News
February 1, 2024 at 10:23am

Volvo stock was doing well Thursday, but it wasn’t because of a new product launch or something that the Swedish car manufacturer was building.

On the contrary — the stock was up on the news that the company was going to stop doing something.

Shares in Volvo were up 26 percent Thursday after it announced that it would no longer fund its Polestar Automotive, an electric vehicle manufacturer it had previously spun off as a separate subsidiary, according to CNBC.

MarketWatch noted that, only a month into 2024, the year was already off to a rocky start for fans of electric vehicles.

“Earlier this week, French automaker Renault said it has decided to cancel the initial public offering of its electric-car unit Ampere,” the outlet reported. “Ford, meanwhile, has slashed production of its electric F-150 Lightning, a pickup truck that has generated major buzz since its launch.

“Rental-car firm Hertz has said it was dumping about one-third of its EV rental car fleet, replacing the cars with gas-engine vehicles,” it added.

Tesla warned investors of slower growth in 2024 than previously anticipated, as The Western Journal previously reported, and both car manufacturers and retailers have become increasingly concerned about the future of the electric vehicle industry.

Polestar went public in 2022 after having been founded by Volvo in partnership with its Chinese owner, Zhejiang Geely Holding Group, commonly referred to as Geely.

MarketWatch said that Polestar had received $1 billion in loans from Volvo, which Volvo said would be due at the end of 2028, instead of mid-2026 as originally stated.

Will you ever buy an electric vehicle?
However, the bigger news was that Volvo would be focusing future investment on its own development — including what the outlet described as “Volvo’s substantial in-house effort to go electric.”

Volvo may also divest itself of its shares in Polestar, which amounts to about 44 percent of the company, according to CNBC, and is considering handing its shares to Volvo’s shareholders.

“This may result in Geely Sweden Holdings becoming a significant new shareholder,” the company told MarketWatch.

“Obviously, we spun out Polestar as a separate company a long time ago, and since then we’ve been incubating and working with Polestar for a number of years,” Volvo Cars CEO Jim Rowan told CNBC’s Silvia Amaro on Thursday.

The company has “struggled since going public” 20 months ago, the outlet noted, but Rowan predicted a bright future for Polestar even as his company would not longer support it.

“Now, Polestar … they’ve have got a very exciting future ahead of them, they’ve moved from being a one-car company to a three-car company, they’ve got two brand-new cars coming out very shortly, in fact in the first half of this year, and that’s going to take them to a new growth trajectory,” he told CNBC.

Unsurprisingly, Polestar’s CEO expressed very similar sentiments.

“With our growing line-up of exclusive, performance cars, Polestar is in one of the most promising phases of its development,” CEO Thomas Ingenland said.

However, Polestar shares were down 84 percent over 2023, largely because of the general slowdown in the EV market, the Financial Times reported.

 

[spARTacus]

From what you cut and pasted:

"...the bigger news was that Volvo would be focusing future investment on its own development — including what the outlet described as “Volvo’s substantial in-house effort to go electric.”

 

[Chuck Finley69]

There's a link to complete MW article at the very beginning of the post. Either way, automakers currently are stepping away from manufacturing EVs as consumer demand and more importantly acceptance is dropping per the article (s)

 

[spARTacus]

There seems to be some text almost cut and pasted shamelessly from the MW article into the WJ article. I'm kind of wondering what the purpose was of the WJ article. At least when the WJ article cut and pasted they also added some of their own text for an attempt at commentary around opinions it seems they were maybe trying to communicate.


The MW article says "...Data earlier this year has shown a slowdown in EV sales growth in the US, automakers delaying or cutting back on plans and anxiety rising among dealership owners...". The MW article doesn't clarify what data it was referring to.


Presumably, the MW article meant data from over the last year, since we are only a month into this year. According to this article (which has EV in the url so I am sure it could be biased), Ford EV sales growth over the last year may have slowed (and yes, indicated also about plans to scale back production for the EMustang and EF150), but all of Ford's EV sales still seem to have been reported as up:

Ford U.S. EV Sales Hit New Record In December, Q4 And Full Year 2023

In December, Ford sold 10,148 all-electric vehicles, which is 30% more than a year ago and a new monthly record. In Q4 sales amounted to 25,937 (up almost 28%).

insideevs.com

According to the MW article, the note about Tesla says something about a warning that Tesla voiced about potential lower growth. I am not precisely sure what that means. Presumably, Tesla is trying to pre cushion if there are stupid stockholders that have expected wild growth and returns forever. If one literally interprets the words, it presumably means something like (using a car's speed analogy) a slower rate of acceleration (eg: ft per second per second) as opposed to constant speed (ft per second) or deceleration (minus ft per second per second), which kind of makes sense to me since Tesla's sales over the last while still seem to have been reported as up, but apparently they also aren't enjoying unchallenged market dominance anymore:

Electric Vehicle Sales and Market Share (US - Updated Monthly)

Automakers are rapidly launching electrified lineups. This page will be updated with the latest EV market share and sales numbers.

caredge.com

Presumably, the NW article is also referring to the Letter that some of the dealerships sent to the US President? The one where they said they were fully behind the movement to EVs, but it just shouldn't be pushed too fast.


The MW article says something about Renault. I didn't go looking around for what that might be about and leave that as an exercise for someone else. For argument sakes, I'll give whomever the benefit of the doubt and assume Renault and the EV market has failed for something around EVs.

 

[SteinwayTransitCorp]

There seems to be some text almost cut and pasted shamelessly from the MW article into the WJ article. I'm kind of wondering what the purpose was of the WJ article. At least when the WJ article cut and pasted they also added some of their own text for an attempt at commentary around opinions it seems they were maybe trying to communicate.


The MW article says "...Data earlier this year has shown a slowdown in EV sales growth in the US, automakers delaying or cutting back on plans and anxiety rising among dealership owners...". The MW article doesn't clarify what data it was referring to.


Presumably, the MW article meant data from over the last year, since we are only a month into this year. According to this article (which has EV in the url so I am sure it could be biased), Ford EV sales growth over the last year may have slowed (and yes, indicated also about plans to scale back production for the EMustang and EF150), but all of Ford's EV sales still seem to have been reported as up:

Ford U.S. EV Sales Hit New Record In December, Q4 And Full Year 2023

In December, Ford sold 10,148 all-electric vehicles, which is 30% more than a year ago and a new monthly record. In Q4 sales amounted to 25,937 (up almost 28%).

insideevs.com

According to the MW article, the note about Tesla says something about a warning that Tesla voiced about potential lower growth. I am not precisely sure what that means. Presumably, Tesla is trying to pre cushion if there are stupid stockholders that have expected wild growth and returns forever. If one literally interprets the words, it presumably means something like (using a car's speed analogy) a slower rate of acceleration (eg: ft per second per second) as opposed to constant speed (ft per second) or deceleration (minus ft per second per second), which kind of makes sense to me since Tesla's sales over the last while still seem to have been reported as up, but apparently they also aren't enjoying unchallenged market dominance anymore:

Electric Vehicle Sales and Market Share (US - Updated Monthly)

Automakers are rapidly launching electrified lineups. This page will be updated with the latest EV market share and sales numbers.

caredge.com

Presumably, the NW article is also referring to the Letter that some of the dealerships sent to the US President? The one where they said they were fully behind the movement to EVs, but it just shouldn't be pushed too fast.


The MW article says something about Renault. I didn't go looking around for what that might be about and leave that as an exercise for someone else. For argument sakes, I'll give whomever the benefit of the doubt and assume Renault and the EV market has failed for something around EVs.

You just hate facts………..by the way great word salad….

 

[SteinwayTransitCorp]

There's a link to complete MW article at the very beginning of the post. Either way, automakers currently are stepping away from manufacturing EVs as consumer demand and more importantly acceptance is dropping per the article (s)

He just hates the facts that the EV movement is starting to collapse. The free market wins again.

 

[spARTacus]

You just hate facts...

Oh gosh. You're going to revert to that again now as a response when you don't like what I post? You know well aware from the postings in here that I enjoy facts.

For example, from discussions here in CB2 I'm still waiting on you, you as a self proclaimed only science only factual never any opinions based person, still waiting on you from earlier discussions to present some facts about the following (this is not a complete list, just some of the ones I could think about off the cuff):
- the math you claim you did that disproves global warming
- identification of the UN reports you said show/prove the numbers and conclusions and current status about global warming are wrong
- what specifically about various numbers or analysis about the hockey stick you said disproves something
- the specific scientific reports/studies from 1971 you said were later disproved as wrong
- the specific scientific reports/studies from the 80s you said were later disproved as wrong
- bus specifications facts for the differences between an as ordered as delivered same model MCI or Orion bus, to MTA vs to Greyhound
- where on the factual annual historical NYC murder rate curve you first left NYC after growing up, what year on that curve for the murder rate then to be lower than the murder rate now (well, relatively to now, the discussion we had was a bit ago)

 

[spARTacus]

…..by the way great word salad….

Ha. "Word Salad".

Yes, another tactic you have borrowed and cut and pasted from others on the internet, as a response when you can't substantiate a counter position, an attempt to dismiss text you don't like or if text is beyond a few lines (while hypocritically also cutting and pasting many many lines of text of opinionated posts from elsewhere on the internet, and trying to refer to all that as only just fact and science).

 

[spARTacus]

...the facts that the EV movement is starting to collapse...

Ha. Feel free to add that to the list of facts that you haven't yet presented, whatever it is that you think is factual evidence that the movement to EVs is collapsing. Time will of course tell, but you sure haven't yet presented any facts to substantiate your speculation and opinion.

 

[spARTacus]

...The free market wins again.

Ha. And China just keeps on laughing at the US in-fighting.

 

[SteinwayTransitCorp]

Ha. And China just keeps on laughing at the US in-fighting.

Yes I know anything free would scare you………..LMFAO

 

[spARTacus]

Yes I know anything free would scare you………..LMFAO

Oh I think free stuff is great. However, most free stuff isn't really free. Instead, lots of free stuff comes with a hitch. Take the free exchange of opinions here in CB2 for example. All great that one can freely express their opinions. However, it comes at the cost of having to subject one's opinions to review and examination from others and their free opinions. Sometimes, it even comes at the cost of realizations that opinions are narrow minded, in the eyes of others, or that opinions are not backed up by actual facts. All part of the free experience.

 

[SteinwayTransitCorp]

Oh I think free stuff is great. However, most free stuff isn't really free. Instead, lots of free stuff comes with a hitch. Take the free exchange of opinions here in CB2 for example. All great that one can freely express their opinions. However, it comes at the cost of having to subject one's opinions to review and examination from others and their free opinions. Sometimes, it even comes at the cost of realizations that opinions are narrow minded, in the eyes of others, or that opinions are not backed up by actual facts. All part of the free experience.

Freedom……again people who think for themselves scares you……..followers are always afraid of free thinkers………..

 

[spARTacus]

Freedom……again people who think for themselves scares you……..followers are always afraid of free thinkers………..

Via your cut and pasting of text from other people here into CB2, without adding any of your own commentary as to what you think of the articles, what points you're trying to make or substantiate in reference anything from the cut and pasting, you've certainly demonstrated that you seem to be just blindly following, no independent free thinking coming out of you. So I guess you're afraid?

 

[SteinwayTransitCorp]

Via your cut and pasting of text from other people here into CB2, without adding any of your own commentary as to what you think of the articles, what points you're trying to make or substantiate in reference anything from the cut and pasting, you've certainly demonstrated that you seem to be just blindly following, no independent free thinking coming out of you. So I guess you're afraid?

F R E E D O M……………….frightening to people who cower……….lmao

 

[spARTacus]

F R E E D O M……………….frightening to people who cower……….lmao

Free yourself from those you are following. Think for yourself and you won't have to be frightened anymore. It's ok if you have an opinion. You are allowed to. That can't be taken away from you and you don't need to cower behind others. Good Luck.

 

[SteinwayTransitCorp]

Free yourself from those you are following. Think for yourself and you won't have to be frightened anymore. It's ok if you have an opinion. You are allowed to. That can't be taken away from you and you don't need to cower behind others. Good Luck.

Nice try, you’re the follower……..easier to follow the mob and you do follow………..lmao

 

[SteinwayTransitCorp]

What has always amazed me, is how many people will trade freedom for perceived security. In the end you are neither safe or free……….its how people like Hitler come to power………

 

[spARTacus]

So how many people, by your estimation, do you think are out there looking for security (or thinking they are achieving security) in exchange for their freedoms?

You said many, so I assume you think there are lots?

If you don't have a number in mind but instead are just talking generalities, then what in your opinion are examples of people or groups of people who you think have achieved security (or think they have achieved security), but those people had to give up their freedoms (either knowingly or maybe just blissfully unaware) to achieve such?

Would be nice if you explain what you meant a bit more. What people? What securities or perceived securities? What freedoms?

 

[SteinwayTransitCorp]

So how many people, by your estimation, do you think are out there looking for security (or thinking they are achieving security) in exchange for their freedoms?

You said many, so I assume you think there are lots?

If you don't have a number in mind but instead are just talking generalities, then what in your opinion are examples of people or groups of people who you think have achieved security (or think they have achieved security), but those people had to give up their freedoms (either knowingly or maybe just blissfully unaware) to achieve such?

Would be nice if you explain what you meant a bit more. What people? What securities or perceived securities? What freedoms?

Spoken like a true follower………as you have stated the “group” said so………..lmfao