Polestar (Nasdaq: PSNY), a renowned Swedish electric performance car brand, has officially disclosed its global delivery figures for the final quarter of 2023. This report encapsulates a crucial period for the company, marked by significant achievements and strategic advancements.
- Fourth Quarter Deliveries: In the fourth quarter, Polestar achieved the delivery of approximately 12,800 vehicles. This figure includes a notable number of 880 Polestar 4 vehicles delivered in China.
- Annual Growth: These latest deliveries have propelled the company’s annual delivery count to around 54,600 cars. This marks a 6% increase from the previous year, evidencing the brand’s growing footprint in the electric vehicle sector.
- Market Challenges: Despite a challenging market landscape, Polestar has effectively maintained its unique brand positioning. However, this exclusivity led to fewer deliveries in the fourth quarter. The company is now projecting a year-end gross profit margin that hovers around the break-even point.
Thomas Ingenlath, CEO of Polestar, shared his insights, stating, “Polestar 4 has been very well received in China, and ramping up production was an important milestone for us. Sales of our SUV coupé will start in Europe and Australia in the coming weeks. With the first deliveries of Polestar 3 expected in the summer, our shift from being a one to three-car company positions us for a transformative and exciting 2024.”
- Upcoming Financial Report: Polestar anticipates releasing its preliminary unaudited financial and operational results for the full year of 2023 on Thursday, 29 February 2024, before the market opens in New York. The company has scheduled a live audio webcast for 08:00 US Eastern Time (14:00 Central European Time).
- Shareholder Engagement: Beginning Thursday, 15 February 2024, verified shareholders will have the opportunity to pose questions through the Say Technologies platform, available on the Polestar Investor Relations website.
About Polestar: Polestar, headquartered in Gothenburg, Sweden, is a pioneer in the electric performance car segment. The brand’s presence spans 27 markets globally, including North America, Europe, and Asia Pacific. With a vision to revolutionize sustainable mobility, Polestar’s product line is set to expand to five performance EVs by 2026. This includes the Polestar 2 launched in 2019, the recently introduced Polestar 3, and the phased launch of Polestar 4 through 2023 and 2024. Future models, the Polestar 5 and Polestar 6, are eagerly anticipated by enthusiasts.
The company’s commitment to sustainability is exemplified by the Polestar 0 project, aiming to deliver a climate-neutral production car by 2030. This ambitious goal underscores Polestar’s commitment to environmental responsibility and acts as a catalyst for industry-wide change in addressing the climate crisis.
