Geely-backed premium EV maker Polestar quietly cut its 2026 sales target on Wednesday.
Despite announcing the “largest model offensive in its history,” with plans to launch four new models over the next three years — with two of them being revamps — the company now expects “low double-digit volume growth” in 2026.
Suggesting growth of between 10 and 15%, the outlook is about 20 percentage points below the compound annual retail sales growth target of 30–35% for 2025 to 2027 announced a year ago.
Polestar met its 2025 sales guidance by delivering approximately 60,119 electric vehicles, a 34% year-over-year increase.
Of those, over 46,000 were registered in Europe, according to data compiled by EV — representing over 75% of the total.
Considering the 30–35% guidance it set in early 2025, Polestar expected sales of between 78,154 and 81,160 vehicles in 2026.
With the revised “low double-digit” figures, usually between 10 to 15%, the company is now expecting to reach around 66,130 to 69,136 units sold this year.
Cantor Fitzgerald’s Take
Reacting to the announcement, Cantor Fitzgerald analyst Andres Sheppard wrote in a new research note on Thursday that the new guidance is “disappointing.”
The firm has downgraded its rating on Polestar‘s stock to Underweight from Neutral, citing also additional pending capital needs and further tariff impact from its China-based manufacturing operations, among others.
“Polestar previously withdrew its prior guidance as it assessed the impact from tariffs, policy, and regulatory changes, and the company is now targeting to issue financial guidance as part of its 2025 full-year results in April,” the analyst stated.
Cantor has lowered its full-year 2026 vehicle delivery forecast from 80,720 to 66,720 units.
As a result, its revenue estimates have been revised down to approximately $3.7 billion, from $4.4 billion.
Financial Results in 2025
Last year, the company postponed its fourth-quarter 2024 results twice before reporting them in April.
In its January 2025 strategy update, the company had pledged to achieve positive adjusted EBITDA by year-end.
In the first nine months of 2025, however, Polestar reported an adjusted EBITDA loss of $561 million.
According to figures reported by the company, cumulative net loss between January and September reached over $1.5 billion.
The figures represent a 80% increase compared to the loss of $867 million in the same period a year earlier.
Polestar “will have to raise additional capital in the near term,” Sheppard warned, despite having “secured >$1B in financing since December.”
Geely Holding Group, Polestar‘s largest backer, agreed to provide a $600 million subordinated term loan in December.
Separately, Banco Bilbao Vizcaya Argentaria SA and Natixis SA each contributed $150 million in equity investments under similar terms.
Earlier this month, the company secured an additional $400 million investment fromFeathertop Funding Limited and the Hong Kong subsidiary of the British bank Standard Chartered Bank (Hong Kong) Limited, totaling $200 million each.
The EV maker’s liquidity stood at $995 million at the end of the third quarter.
