Polestar said its retail sales rose about 1% to an estimated 14,371 cars in the third quarter, but sales outside the United States fell 8%, as discounted stock sold ahead of its US exit propped up the headline figure.
The Sweden-based EV maker, controlled by China’s Geely, called it its best third quarter on record in a statement on Thursday.
Excluding the United States, retail sales dropped to 12,211 vehicles from 13,256 a year earlier.
That implies US sales of about 2,160 units, more than double the roughly 966 sold in the same quarter of 2025, by EV‘s calculation.
The United States accounted for about 15% of Polestar’s third-quarter volume, from a market where it can no longer sell new models.
“We delivered our best third quarter despite increasingly challenging market conditions,” Michael Lohscheller, Polestar’s CEO, said.
“The start of Polestar 5 customer deliveries marks an important milestone for the company, while the new Polestar 4 SUV broadens our product portfolio and extends our reach to new customer groups entering the D-SUV segment,” he added.
Nine-month retail sales reached an estimated 44,790 cars, up 0.6% from 44,511, a record for the period. Excluding the United States, nine-month sales fell 0.5% to 40,773.
Polestar said 2026 figures are estimates subject to revision, while 2025 figures are final.
Slowing Outside America
Growth outside the United States has deteriorated in each quarter of 2026.
They rose about 14% in the first quarter to roughly 12,387 cars, according to EV calculations based on company figures.
In the second quarter, they fell to 16,175 from 16,818, as total sales posted their first year-on-year decline since 2024.
The third quarter brought the steepest drop yet, at 8%.
In the UK, one of Polestar’s main markets, registrations nearly halved in August to 366 cars, according to SMMT data.
Polestar registered 2,219 cars in the UK in September 2026, according to SMMT figures compiled in the monthly brand table. The figures represent a 19.5% decline on September 2025, a 0.6% share, and 34th among brands.
Chief Financial Officer Jean-François Mady said on the Sept. 3 earnings call that the Polestar 4 coupé “made up two thirds of the volume.”
A US Clearance Sale
The US Commerce Department’s Bureau of Industry and Security declined on June 25 to authorize Polestar to sell vehicles from model year 2027 under the Connected Vehicle Rule.
Volvo Cars, which is also controlled by Geely, had won authorization to keep selling in the United States weeks earlier.
Polestar plans to sell its remaining U.S. inventory and then stop selling new cars there, while keeping service and warranty support.
It cut US prices by up to $25,000 in July to clear stock of the Polestar 3 and Polestar 4.
Implied U.S. sales rose from about 740 cars in the first quarter and 1,121 in the second to 2,160 in the third, EVcalculations show.
Over nine months, US sales reached about 4,017 cars, up from roughly 3,543 a year earlier.
Lohscheller told the Financial Times in July that the decision was “pretty straightforward” and that Polestar would not appeal.
“The days are over when everything was global,” he said.
The US operations added about $211 million to Polestar’s operating loss in the first half, including about $130 million tied directly to the decision, and the company said further charges should be expected.
Canada is now Polestar’s only North American market, where it cut prices by up to C$15,000 (about $10,500) in September.
A Steep Fourth Quarter
Polestar cut its 2026 guidance on Sept. 3 to low-to-mid single-digit volume growth, from low double-digit growth previously.
Sister brand Volvo Cars withdrew its own 2026 outlook for volume and cash flow last week, after its third-quarter deliveries fell 10.7% to 141,609 cars, with sales in Greater China down 40.6%.
It sold a record 60,119 cars in 2025, including 15,608 in the fourth quarter.
Growth of 2% this year would require about 16,500 cars in the final quarter, up 6% from a year earlier, by EV‘s calculation.
Growth of 5% would require about 18,300, up 17%.
The company will have little US stock left to sell, while the current Polestar 2 nears the end of its life cycle.
The new Polestar 4 SUV, which opened for orders on Sept. 2 from €57,900 ($65,100) in Germany, is due to reach customers in the fourth quarter.
It is built only at Renault Korea’s plant in Busan, South Korea, and is not sold in the United States.
Lohscheller said on the Sept. 3 call that “over 900 cars” were already on their way from Busan.
Polestar said customer deliveries of the Polestar 5 grand tourer have started, and Lohscheller has said the model will be less important for overall volume.
How the Figures Are Counted
Polestar’s retail sales include cars handed over through all channels, including its own internal vehicles and cars sold with repurchase obligations.
Those two categories totaled 3,550 cars in the first half, out of 30,423, the company’s results show.
The first-half total cleared a Chinese loan covenant requiring 30,000 retail sales by 423 cars, according to Polestar’s half-year filing.
Polestar reported second-quarter revenue of $727 million, down 8.1%, and an adjusted gross margin of negative 13.1%.
It had about $888 million in cash at June 30, after raising $700 million in new equity from banks whose stakes are backed by put options with a Geely subsidiary.
The company plans to publish third-quarter results on Nov. 5.
Polestar’s shares closed 5.9% lower at $5.58 on Wednesday, after touching a 52-week low of $5.45.
