Polestar Automotive Reports Q3 Deliveries, Plans Update

Polestar, the Swedish electric performance car brand, recently announced its global volumes for the third quarter, providing insights into its business and strategy update. The company delivered approximately 11,900 cars in Q3 2024, taking total deliveries for the first nine months of the year to 32,300. This marks a 22% decrease from last year's deliveries, primarily due to the transition from "showing" to "actively selling cars."


Market conditions and import duties have impacted the automotive industry, including Polestar. The company expects revenue in 2024 to be similar to 2023, with a positive gross profit margin anticipated in the fourth quarter. Polestar reaffirms its target of achieving cash flow break-even towards the end of 2025, albeit at lower volumes than previously targeted.


Polestar's strategic partnerships, such as with Geely, have been instrumental in its Q3 deliveries and future outlook. The company's access to the best EV technology, global manufacturing capability, and strong support from Geely provide a solid foundation for its development. Polestar is currently conducting a review of its strategy and operations to set out a clear path for its future growth.

The company's new CEO, Michael Lohscheller, has emphasized the importance of developing commercial capabilities to actively sell cars. The first markets to implement this active sales model have shown solid order intake, indicating a promising shift in customer acquisition costs and sales efficiency.

Polestar's business and strategy update, scheduled for January 16, 2025, will provide more details on its Q3 financial and operational highlights. The company aims to focus its resources on the ongoing business and strategy review and fulfilling 2024 annual reporting requirements. As Polestar continues to expand its product lineup with new electric SUVs, such as the Polestar 3 and 4, the company remains optimistic about its future prospects in the competitive electric vehicle market.