Written by Cláudio Afonso | [email protected] | LinkedIn | X
Geely’s brand Polestar reported on Thursday the delivery of “approximately 7,200” electric vehicles in the first quarter, a 40 percent crash when compared to 2023. At the time, the manufacturer had delivered 12,000 units marking a yearly growth of 26 per cent.
The deliveries include 1,200 units of the brand’s latest model Polestar 4 which will start production also in South Korea during the second half of 2025.
The brand enhanced that the first quarter saw “future-oriented strategic developments” including a new raise of $950 million in February and Geely’s increased ownership to 24 percent after Volvo trimmed its stake.
Thomas Ingenlath, Polestar CEO mentioned that 2024 “is a transitional year” as the company ramps up production of its 3 and 4 models.
“These two cars will provide the basis for a strong revenue and margin progression during the second half of the year, supporting our 2025 targets,” he added.
Polestar 3 has started production in China and is expected to begin additional production starting in the U.S. in the summer.
Polestar will report its first quarter financial results on May 23rd, before market open in New York.
Last week, the German Federal Motor Transport Authority (KBA) released the car registration data for March, revealing that the Swedish automaker Polestar registered 357 vehicles in the country.
Polestar achieved its highest sales figures since September 2023 and a total of 641 in the first quarter of the year. Despite this improvement, March’s figures still fall short of the manufacturer’s peak performance seen in June and July of last year, when it registered 950 and 1,052 vehicles, respectively.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
