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Polestar (NASDAQ:PSNY) stock is trading 9% higher today after the electrical vehicle (EV) company announced that it could further integrate Luminar’s (NASDAZ:LAZR) light detection and ranging (lidar) technology into the Polestar 3 and upcoming Polestar 5. Unlike Tesla (NADSAQ:TSLA), which chooses to not utilize lidar in its vehicles, Polestar is making the alternative to have the technology power future models in a major manner.
Polestar CEO Thomas Ingenlath had the next to say concerning the news:
“Luminar is on the forefront of long-range LiDAR technology and this closer collaboration will allow for greater innovation in our cars to return. We look ahead to combining our R&D and product design expertise to deliver truly stunning LiDAR integration and capabilities for the Polestar brand.”
The Polestar 3 and 5 will likely be equipped with Luminar’s long-range Iris lidar and software. As well as, sales of the Polestar 3 equipped with lidar will likely be accelerated in order that customers in initial markets, resembling in Europe and North America, will find a way to put orders for vehicles equipped with the technology. Deliveries for these vehicles are expected to happen next yr.
PSNY Stock: Polestar Furthers Collaboration With Luminar
Customers in Australia will likely be eligible to put Polestar 3 orders equipped with lidar later this month. Meanwhile, customers in China will likely be allowed to put these orders in mid-April. Finally, the corporate says all other markets will likely be eligible for orders at a “later date.” Orders of the Polestar 3 without lidar are expected to be delivered in the course of the fourth quarter of 2023 as scheduled.
During Q4 2022, Polestar delivered a complete of about 21,000 vehicles, bringing the full-year preliminary delivery figure to 51,500 vehicles, up a formidable 80% year-over-year (YOY). For 2023, Polestar expects to deliver about 80,000 vehicles, signifying growth of just about 60%. Sales this yr are expected to be driven by the Polestar 2 in the primary half of 2024, then by the Polestar 3 when deliveries open up in Q4 2023.
Meanwhile, Polestar expects to report Q4 earnings on March 2 before the markets open. The typical analyst price goal for PSNY stock currently sits at $10.50. Essentially the most recent update is attributable to Citi’s Itay Michaeli, who has a price goal of $12 and expects the corporate to achieve free money flow breakeven status by 2025.
On the date of publication, Eddie Pan didn’t hold (either directly or not directly) any positions within the securities mentioned in this text. The opinions expressed in this text are those of the author, subject to the InvestorPlace.com Publishing Guidelines.
Eddie Pan makes a speciality of institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the most recent news involving popular stocks.
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