Polestar achieves record third quarter deliveries, up 50% year-on-year; expects higher margins for the remainder of 2023
Polestar delivered approximately 13,900 vehicles in the third quarter, a growth of 50% compared to last year, with sales of the higher priced, upgraded Polestar 2 contributing to a strong margin improvement.
With approximately 41,700 deliveries in the first nine months, a growth of 37% year-on-year, and Polestar 4 deliveries commencing in China during the fourth quarter, Polestar still expects to deliver 60,000-70,000 vehicles in 2023.
Thomas Ingenlath, Polestar CEO, comments: “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."
“We will soon have a compelling range of three distinctive cars, including two luxury SUVs, each addressing an exclusive luxury EV segment. With this, Polestar enters an exciting new period.”
Polestar expects to post its unaudited financial and operational results for the third quarter of 2023 on Wednesday, 8 November 2023, after market closing in the USA. In conjunction with the results, Polestar’s CEO and CFO will provide an update regarding actions to manage costs and improve margins to reach profitability in 2025.
A live audio webcast from Los Angeles, USA is scheduled to start at 14:00 PT (17:00 ET or 23:00 CET).
Relevant documents and a link to the live audio webcast will be available on the Polestar Investor Relations website at https://investors.polestar.com/. From Wednesday, 25 October 2023, verified shareholders will be able to ask questions through the Say Technologies platform, accessible via https://app.saytechnologies.com/polestar-2023-q3.
Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand determined to improve society by using design and technology to accelerate the shift to sustainable mobility. Headquartered in
Polestar plans to have a line-up of five performance EVs by 2026. Polestar 2, the electric performance fastback, launched in 2019. Polestar 3, the SUV for the electric age, launched in late 2022. Polestar 4, the SUV coupé transformed, is launching in phases through 2023 and into 2024. Polestar 5, an electric four-door GT and Polestar 6, an electric roadster, are coming soon.
The Polestar 0 project is the company’s ambitious goal of creating a truly climate-neutral production car by 2030. The research initiative also aims to create a sense of urgency to act on the climate crisis, by challenging employees, suppliers and the wider automotive industry, to drive towards zero.
Certain statements in this press release (“Press Release”) may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar including the number of vehicle deliveries and gross margin. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Polestar and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestar’s ability to maintain agreements or partnerships with its strategic partners, such as Volvo Cars,
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