Wake Up! It’s Monday

Today, we have some more Q1 news and an interesting piece from Italy.

Polestar took a dive (it’s bigger than a dip), VinFast made some sales to its owner’s other companies, and Kia kinda knocked it out of the park.

Quarters, like Mondays, are what we make of them. Enjoy the day, friend.

--

Italy Vs. Alfa Romeo Stellantis

Alfa Romeo says its new EV will be named "Milano." No, not after Alyssa or Star-Lord's ship (which is actually named after Alyssa); it will be named after Milan, Italy.

But Italy says, "Nope." Since the car will be manufactured in Poland, the Italian government has a law that prohibits Italian-sounding names for products made outside the nation.

Weird flex, but ok... Like in many spats, the issue isn't the whole issue. Italy is upset with Stellantis for moving abroad and not supporting domestic brands amid the country's push toward EV adoption. Domestic EVs to be precise.

Falling Polestar 💫

Polestar EV sales were down 40% in Q1 2024, continuing the trend from Q4 2023. Here are some details:

• Total deliveries for Q1 2024 are approximately 7,200 units.
• 2023 total deliveries of roughly 54,600 vehicles, a 6% increase from 2022.
• The 2023 sales target was initially 80,000, revised to 60,000-70,000, but not achieved.
• 2022 total sales were approximately 51,500 vehicles, up nearly 80% from the previous year.
• Polestar's 2025 global EV sales target is 155,000-165,000 units.
• Secured $950 million from international banks in February for future developments.
• Geely Holdings now holds approximately 24% of Polestar's stake; Volvo Cars retains 18%.

VinFast Family Financing

Vietnam's big player in the global EV market, VinFast, reported some increased financial risks with its Q1 data.

Friends and Family deals? Most (82%) of the automaker's sales last year were to other companies owned by Vingroup. Since 2017, VinFast has received $11.4B in support from its owner while trying to attract retail customers.

Vingroup's financials have also been impacted, with a 38% decline in share price since VinFast's U.S. listing and rising borrowing costs. VinFast plans to triple its sales this year and expand globally despite the current market conditions.

This makes us wonder, what's the REAL difference between a "plan" to triple sales and a "please please please" wish?

Kia Killin' It

Kia is celebrating its second-highest sales quarter. Q1 2024 was packed with SUV and EV sales, with three models selling more than 10K units.

EV sales surged by 88% Year over Year. The EV6 and EV9 models had a 151% sales jump in March alone.

So, things are going well for Kia. A quick Google search for "Kia Boyz" would suggest fewer Kias are being stolen lately, too. #blessed.

--

What would you name your ship if you were a space-pirate-turned-guardian-of-the-galaxy? I think mine would be called “Sgt. Pepper” after pepperoni pizza, and to annoy Beatles fans.