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    Daniel Roeska • Bernstein

    Daniel Roeska's questions to Ford Motor Co (F) leadership

    Daniel Roeska's questions to Ford Motor Co (F) leadership • Q2 2025

    Question

    Daniel Röska asked for a macro perspective on whether the financial tailwind from relaxed U.S. emission standards would outweigh the headwind from tariffs. He also questioned if the recent bilateral trade deals signal a permanent shift away from a low-tariff global trade environment.

    Answer

    CEO James Farley stated that the emissions tailwind is 'pretty substantial' and represents a significant upside, particularly for the Ford Blue business. He agreed that the trade environment is undergoing a fundamental, long-term shift toward regional blocs. He added that depending on negotiations, Ford's $2 billion tariff liability could potentially turn into a sustained advantage for the company.

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    Daniel Roeska's questions to Ford Motor Co (F) leadership • Q4 2024

    Question

    Daniel Roeska inquired about Ford's core strategic principles amid high policy and market uncertainty, and asked for a breakdown of why the Ford Model e segment's losses are projected to be flat in 2025 despite higher volumes and other tailwinds.

    Answer

    CEO Jim Farley outlined key principles: a non-negotiable focus on cost reduction and quality, investment in affordable vehicles, offering diverse powertrains like hybrids and EREVs, and growing recurring revenue through Ford Pro. CFO Sherry House explained the flat Model e loss guidance is due to Gen 1 products remaining unprofitable and a $1 billion increase in investment costs for the BOSK battery factory and Gen 2 products, which offsets volume growth and other efficiencies.

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    Daniel Roeska's questions to Ford Motor Co (F) leadership • Q3 2024

    Question

    Daniel Roeska asked for an update on the medium-term performance stepping stones for the Ford+ plan, especially with a slower EV transition, and questioned what factors might lead Ford to alter its shareholder distribution strategy.

    Answer

    CEO Jim Farley reiterated that the primary focus remains on reducing costs, particularly warranty, and noted the unexpected popularity of hybrids as a key opportunity. CFO John Lawler stated that while Ford maintains its 40-50% free cash flow payout target, it is prudent to hold extra cash given current uncertainty, but the policy is evaluated quarterly.

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    Daniel Roeska's questions to Polestar Automotive Holding UK PLC (PSNY) leadership

    Daniel Roeska's questions to Polestar Automotive Holding UK PLC (PSNY) leadership • Q1 2025

    Question

    Daniel Roeska asked for a detailed breakdown of the drivers behind the Q1 gross profit breakeven, questioning the specific contribution from vehicle mix versus lower battery costs, and sought clarity on the percentage of non-USMCA parts in the South Carolina-produced Polestar 3.

    Answer

    CFO Jean-François Mady attributed the 15-percentage-point gross margin improvement primarily to a favorable product mix, driven by sales of the higher-margin Polestar 3 and Polestar 4 models. He declined to provide specific COGS targets or detailed parts content breakdowns, citing geopolitical uncertainty and the recent pause of the 2025 guidance, but noted the battery is the main non-USMCA component.

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    Daniel Roeska's questions to Polestar Automotive Holding UK PLC (PSNY) leadership • Q4 2024

    Question

    Daniel Roeska from Bernstein asked if the new harmonized platform strategy implies a move away from contract manufacturing, inquired about the relative profitability of the different models, and questioned the status of financial covenants.

    Answer

    CEO Michael Lohscheller confirmed Polestar will maintain its asset-light strategy and will not own factories, but will harmonize future cars onto a single group architecture to enhance cost efficiency. CFO Jean-Francois Mady stated the profitability hierarchy is Polestar 4, then 3, then 2, and mentioned plans to reengineer the Polestar 2 to improve its margins. Mady also noted the company is in constructive dialogue with lenders to amend covenants in line with the new business plan.

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    Daniel Roeska's questions to Polestar Automotive Holding UK PLC (PSNY) leadership • Q2 2024

    Question

    Daniel Roeska inquired about the impact of tariffs on past and future gross margins, particularly concerning the year-end double-digit margin target. He also asked about the underlying cash burn trajectory, excluding working capital benefits, and when it is expected to turn positive.

    Answer

    CFO Per Ansgar detailed Polestar's strategy to mitigate tariffs through localized production in the U.S. (Polestar 3) and South Korea (Polestar 4). He noted the proposed EU tariff is delayed and the company is in dialogue with the European Commission, remaining confident in its margin targets. Regarding cash burn, Ansgar stated that a combination of improving gross margins from new models, sustained working capital discipline, and declining investment levels into next year will drive the company toward a better cash flow position.

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    Daniel Roeska's questions to Polestar Automotive Holding UK PLC (PSNY) leadership • Q1 2024

    Question

    Daniel Roeska of Bernstein questioned the status of negotiations on revenue covenants with lenders and whether the company is on track to meet them for 2024. He also asked how tariff mitigation efforts affect the timeline for achieving cash flow breakeven and what support Polestar needs from its non-Geely shareholders, particularly regarding external equity.

    Answer

    CFO Per Ansgar confirmed that while Q1 revenue was low, Q2 was on track, and the growing order book for H2 provides confidence in meeting the annual revenue covenant. He reiterated the goal of reaching cash flow breakeven in late 2025, with plans being adapted to mitigate new challenges. Per Ansgar also confirmed the company is actively seeking external equity, with interest from both existing and new potential strategic investors. CEO Thomas Ingenlath added that the company's transition to a three-car portfolio strengthens its position to attract investment.

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    Daniel Roeska's questions to Tesla Inc (TSLA) leadership

    Daniel Roeska's questions to Tesla Inc (TSLA) leadership • Q4 2024

    Question

    Daniel Roeska of Bernstein asked what Tesla's executive team is doing differently to accelerate innovation and realize the company's future value, and what key performance indicators (KPIs) would signal that the company is on the right track over the next 12 months.

    Answer

    CEO Elon Musk responded that his focus is on solving the greatest challenges, currently real-world AI for vehicles and the Optimus robot. He expressed high confidence in the timeline for releasing unsupervised Full Self-Driving (FSD) in the U.S. this year and globally next year, stating that the primary constraints are now regulatory hurdles in regions like Europe and China, rather than technical capability.

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