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MarketScreener Homepage  >  Equities  >  Xetra  >  BMW AG    BMW   DE0005190003

BMW AG

(BMW)
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Polestar would like public listing eventually but focus now on electric sedan launch: CEO

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08/11/2020 | 03:20pm EDT
FILE PHOTO: Workers are seen on a production line for Polestar, Volvo and Lynk&Co vehicles at a Geely plant in Taizhou

Polestar, the premium electric vehicle maker owned China's Geely and Volvo Cars, would like to eventually be publicly listed, but the immediate focus is on successfully launching the new Polestar 2 electric sedan, the startup's chief executive said on Tuesday.

"The mid- and long-term perspective indeed is to be ... open for the stock market and an IPO," CEO Thomas Ingenlath told reporters on a conference call. "This is indeed one track that is absolutely still on and has not changed" since Volvo Cars CEO Hakan Samuelsson said in January 2019 that Polestar could eventually be listed publicly, Ingenlath added.

Volvo Cars is owned by Geely.

Polestar's top executive said the focus now is on a successful launch of Polestar 2, dismissing a point made that other EV makers like Nikola Corp and Fisker Inc have gone public or announced plans to do so without having launched a vehicle.

"It's not about the short term thinking. We have a long-term ambition," Ingenlath said. "Let's see where we are in a year's time."

Polestar will sell the Polestar 2 in China, Europe and the United States and the company is targeting annual sales of more than 50,000 within two to three years, he said.

The car will compete with Tesla Inc's Model 3 sedan, but will be targeted at owners of the gasoline-powered luxury sedans from Daimler AG's Mercedes-Benz, BMW AG and Volkswagen AG Audi brand, Ingenlath said.

Polestar, which was launched in 2017, already has the low-volume halo Polestar 1 hybrid performance car that sells for about $150,000. Deliveries of the company's first high-volume car, the Polestar 2, have begun in Europe and will start in North America next month, officials said.

Both cars are built in China and there are no immediate plans to build a Polestar car in the United States, as the company needs to build sales in that market first, Ingenlath said.

The Polestar 2 will be sold through standalone retail locations called "Polestar spaces" that are set up in high-traffic pedestrian areas, officials said. Those showrooms will be owned and operated by Volvo dealers, which will also serve as the service locations for the cars.

By Ben Klayman


Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO 1.20% 173.15 Delayed Quote.10.36%
AUDI AG 0.00% 1620 Delayed Quote.102.50%
BMW AG 0.60% 58.68 Delayed Quote.-19.77%
DAIMLER AG 0.40% 44.4 Delayed Quote.-10.07%
NIKOLA CORPORATION -7.48% 18.31 Delayed Quote.77.42%
TESLA, INC. -5.55% 388.04 Delayed Quote.363.80%
VOLKSWAGEN AG -1.45% 125.1 Delayed Quote.-29.02%
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Financials
Sales 2020 95 910 M 112 B 112 B
Net income 2020 2 963 M 3 451 M 3 451 M
Net cash 2020 17 486 M 20 363 M 20 363 M
P/E ratio 2020 12,9x
Yield 2020 2,37%
Capitalization 37 850 M 44 109 M 44 076 M
EV / Sales 2020 0,21x
EV / Sales 2021 0,19x
Nbr of Employees 133 778
Free-Float 57,3%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 69,96 €
Last Close Price 58,68 €
Spread / Highest target 104%
Spread / Average Target 19,2%
Spread / Lowest Target -40,9%
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Oliver Zipse Chairman-Management Board
Norbert Reithofer Chairman-Supervisory Board
Nicolas Peter Chief Financial Officer
Susanne Klatten Independent Member-Supervisory Board
Manfred Schoch Deputy Chairman-Supervisory Board
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