Polestar delivers 11,900 cars in third quarter

Polestar says it delivered 11,900 cars in Q3 2024 and 32,300 for the year-ending September (compared to 41,844 last year).

Its business and strategy update, including select Q3 financial and operational highlights, is on January 16, 2025

“Polestar has a great foundation to build upon, with access to the best EV technology, a global manufacturing capability and strong support from Geely,” says Polestar chief executive Michael Lohscheller.

“Together with the management team, we are conducting a review of our strategy and operations, to set out a clear path for Polestar’s development,” he says.

“A key to our future success will be the development of our commercial capabilities: going from showing to actively selling cars.

“Adopting a more active sales model is already supporting our ambitions, as the first markets to implement it are showing solid order intake.”

With current market conditions and announced import duties impacting the automotive industry, Polestar expects revenue in 2024 to be similar to 2023 and to achieve a positive gross profit margin in the fourth quarter.

The company reaffirms its target of achieving cash flow break-even towards the end of 2025 – at lower volume than previously targeted. 

Given market conditions and the company’s anticipated performance in 2024, the company, alongside Geely, is engaged in constructive dialogue with its club loan lenders, who remain supportive, regarding its loan covenants.

Polestar management host a live webcast on January 16 next year to provide a business and strategy update.