STOCKHOLM — Despite the challenges faced by the electric vehicle (EV) sector, Polestar reported a 40% decrease in first-quarter deliveries, signaling the industry’s struggle with declining demand.
While the automotive industry continues to invest in EV technology and production capacity, the pace of sales growth has slowed down. This imbalance between supply and demand has put pressure on companies to reevaluate their cost structure and operational efficiency.
In the first quarter, Polestar delivered 7,200 vehicles, a significant drop from 12,076 units in the same period last year. However, CEO Thomas Ingenlath remains optimistic about the company’s future prospects, citing the upcoming launch of the Polestar 3 and Polestar 4 luxury SUVs as key drivers of revenue growth in the latter part of the year.
According to Ingenlath, the Polestar 3 and Polestar 4 models will play a crucial role in achieving the company’s 2025 targets, which aim to deliver between 155,000 and 165,000 cars in that year. The Polestar 4 SUV coupe has already made its debut in China, with deliveries set to begin in other regions later this year.
As Polestar focuses on expanding its global footprint, the company is gearing up for the launch of the Polestar 3 in the second quarter of 2024 and the Polestar 4 in Europe and Australia in August, followed by the American market.
Despite the challenges facing EV manufacturers, such as slowing sales growth and financial losses, Polestar remains committed to its long-term goals. In light of this, financial backer Volvo Cars announced plans to halt additional funding for Polestar and transfer its stake to shareholders like Geely.
Looking ahead, Polestar is scheduled to release its delayed fourth-quarter results on April 30 and first-quarter results on May 23, providing further insights into the company’s financial performance and strategic direction.
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