Polestar Automotive Holding UK PLC, renowned as the Swedish electric performance vehicle brand, has unveiled its delivery figures for Q3 2023.
Why It Matters
The global demand for electric vehicles (EVs) is on the rise, and Polestar’s performance indicates strong traction in the EV market. An impressive year-on-year growth not only showcases the brand’s expanding reach but also its competitive strength in an increasingly crowded space.
Key Points
- Polestar marked a 50% increase in vehicle deliveries for Q3, translating to roughly 13,900 vehicles.
- This surge was powered in part by sales of the premium Polestar 2.
- The company recorded 41,700 deliveries for the first nine months, a 37% increase compared to the previous year.
- Despite already impressive figures, Polestar 4 deliveries are set to commence in China in Q4.
- The brand’s target remains set between 60,000 to 70,000 total vehicle deliveries for 2023.
Bottom Line
Thomas Ingenlath, the CEO of Polestar, expresses optimism about the brand’s trajectory. “We have delivered a strong quarter and expect higher margins for the rest of the year, as we continue to prioritize value over volume in our business,” Ingenlath notes. As Polestar prepares to roll out a captivating trio of vehicles, including two high-end SUVs tailored to the luxury EV segment, the brand foresees a promising future.
In a forthcoming announcement, scheduled for November 8, 2023, after the US market close, Polestar intends to release its unaudited Q3 2023 financial and operational outcomes. Alongside these results, insights from Polestar’s top executives about cost-management strategies and margin enhancement will be shared, all pointing towards a profitability goal set for 2025.
