Polestar reported on Thursday its best quarterly sales result since late 2022, with 18,049 vehicles sold in the second quarter, a 38% surge year over year.
Sequentially, sales of the EV maker backed by the Chinese giant Geely Holding Group surged by 46.7%. In the January-March period, the EV maker had registered “an estimated 12,304” vehicles.
“We’ve delivered another strong quarter of growth, in increasingly challenging market and geopolitical conditions,” the brand’s chief executive Michael Lohscheller said in a statement.
“Volume growth of 38% in the second quarter and 51% in the first half of the year is a clear sign that our retail expansion is delivering and that more customers are choosing Polestar,” he added.
Lohscheller had warned in May that the company would shift focus toward Europe, its most profitable region, which accounts for around 75% of Polestar’s total business. The U.S. represents approximately 11%, while China plays a smaller role.
Polestar did not provide a specific sales target for the second quarter or for the full year 2025.
However, in an April update, the company reiterated its guidance of achieving a compound annual growth rate in retail sales volume of 30–35% from 2025 to 2027.
To meet the low end of that range, Polestar would need to sell approximately 58,300 vehicles in 2025, up from 44,851 units delivered last year.
With 12,304 vehicles sold in the first quarter and 18,049 in the second, the company must deliver at least 27,947 vehicles in the second half of the year to meet the 30% growth threshold.
To reach 35% growth, full-year sales would need to total approximately 60,600 units, requiring Polestar to sell 30,247 vehicles over the final two quarters of 2025.
Polestar reported first quarter financial results in mid-May posting a 84% rise in revenue and a gross margin of 6.8%, which reversed a negative margin of 7.7% in the same period a year earlier.
In January, amid a major business update, the company announced the shift to a mixed business model, which includes both showrooms but also local distributors.
In the company’s latest earnings call, the chief executive Lohscheller gave further details and said that Polestar’s “ambition is to grow our sales points by 75% until 2026.”
Last month, sales jumped in several markets across the globe.
Registrations in the US surged 83% to 581 vehicles, while in Germany, Europe’s largest auto market, the brand sold 517 EVs, a new two year-high.
In the Netherlands, the automaker recorded its best sales month ever in the Dutch market with 434 vehicles. The Gothenburg-based brand surpassed 1,000 monthly units in Sweden for the first time.
In the UK, which remained its best sales market in June, sales doubled from May and tripled from a year before — Polestar sold 2,595 vehicles in the island.
In January, Polestar said that it expects to become profitable “in 2025.”
By then, the EV maker also announced that it planned sales of the Polestar 5 to begin in “the second half of 2025.”
The brand revealed the first teaser of Polestar 7 last week, which is set to launch in 2027 and be produced at Volvo’s plant in Kosice, Slovakia.
While Polestar’s production is mainly located in China, the company is also manufacturing its Polestar 3 SUV in Volvo’s U.S. plant.
“I think it’s fair to say that we are relatively well positioned in the U.S. because 100% of our volume is localized in the Volvo plant in Charleston, South Carolina,” the CEO said earlier this year when asked about the impact of the tariffs.
The Polestar 4 is planned to begin production in South Korea later this year. The model is set to be delivered in the U.S. starting “this fall.”
