Polestar announced a significant 40% decrease in first-quarter deliveries, reflecting challenges within the electric vehicle sector amid a slowdown in demand.
The Swedish electric vehicle maker delivered approximately 7,200 cars in the first quarter, including 1,200 Polestar 4 in China. For comparison, in Q1 2023, Polestar deliveries exceeded 12,000 vehicles.
Thomas Ingenlath, Polestar CEO, commented: “2024 is a transitional year, as we move from being a one-car brand during the first half of the year, to ramping up deliveries of our two luxury SUVs during the second half. The very positive reviews resulting from the global media test drives of Polestar 3 and Polestar 4 show the progress that our brand is making and confirm our dynamic, global strategy. These two cars will provide the basis for a strong revenue and margin progression during the second half of the year, supporting our 2025 targets.”
The first quarter saw three future-oriented strategic developments.
Polestar successfully secured USD 950 million in new, external funding from a consortium of international banks in February, providing the funds needed to complete the next phase of its development.
Polestar’s ownership structure has been clarified, with Geely Holdings becoming a major new shareholder, with approximately 24% and Volvo Cars retaining a strategic 18% stake. Furthermore, the Company will welcome new shareholders and see its free float increase to approximately 18%.
Polestar 3 has started production in China, with additional production starting in the USA in the summer of 2024. With Polestar 4 production expanding to South Korea during the second half of 2025, Polestar is making significant progress in diversifying its manufacturing footprint, in order to improve profitability of its key markets, including the US.
