Geely-backed EV brand Polestar sold 432 electric vehicles in Sweden throughout November, up 6.7% from a year ago.
According to figures released on Monday by Mobility Sweden, November sales represent a sequential decline from October’s 579 units.
Despite the drop, sales have increased year over year for the eleventh consecutive month. In October, registrations had also increased by about 7% year over year.
The company’s sales in Sweden have been volatile, largely due to logistics around the shipping of its vehicles to Europe.
Polestar‘s manufacturing operations are mainly based in China, with the Polestar 3 also being produced in the US.
As of November 30, June and September were the two best sales months year to date and the only ones with registrations above 1,000 units.
The second month of each quarter is usually slower, with the first quarter being an exception to this pattern.
Lineup in Sweden
In Sweden, about 8,400 fully electric vehicles were registered last month, out of a total of 21,016 new passenger cars across all powertrains.
Battery-electric models accounted for roughly 40% of November registrations, up from 33.9% in October,
The Polestar 4 represented 282 of the vehicles sold last month, up 56% year over year.
In Sweden, the model placed thirteenth across all powertrains, behind Volvo’s EX40 and EX30, Volkswagen’s ID.7, ID.4, Passat and Tiguan, Kia’s EV3 and EV6, Skoda’s Enyaq and Kodiaq, and Tesla’s Model Y.
The coupe’s prices currently start at a discounted price of 692,000 SEK ($72,960), down by 8,000 SEK.
The Polestar 2 sedan is available from 579,000 SEK ($61,050). The brand sold 101 units of the model in November, down 40.6% from a year ago.
The Polestar 3 SUV represented 50 units out of the total, compared to the 55 vehicles recorded a year ago. Prices begin at 890,000 SEK, which is equivalent to $93,840.
New Showroom
The brand has recently opened its “largest ever” showroom in Sweden, where its operations are based.
Located on the E4 highway north of Stockholm, the new facility spans 1,190 square meters and consolidates sales, vehicle deliveries and service operations in a single location.
Polestar currently operates 24 retail spaces in Sweden. Of those, two are in the capital city Stockholm, including the new one in Kista.
The company provides services that include sales, customer experience, deliveries and test-drives in 177 locations across the country, according to its website.
Earlier this year, Polestar set a target of increasing the number of retail spaces by %75 before the end of 2026.
In the company’s latest earnings call, CEO Michael Lohscheller said that the company has increased the number of sales points by 54% to 192, excluding China.
Last October, and amid sluggish sales, Polestar closed its last showroom in the country.
According to Lohscheller, “the pace of retail expansion remains high, and in the months of October alone, we have opened nine new sales points across Australia, Denmark, Sweden, Germany, the UK and the Netherlands.”
Earnings + Stock Update
Upon reporting its third quarter financial earnings, Polestar said it will move forward with a 30-to-1 reverse split of its American Depositary Shares (ADS), to be completed before the end of 2025.
The move came about two weeks after the company received a formal notice from Nasdaq, as its shares fell below the exchange’s minimum $1.00 listing requirement.
Since reaching a yearly high of $1.42 on August 27, Polestar shares have lost more than half of their value.
Last Friday, its shares traded near their all-time low of $0.50 — reached on November 17. They dropped as low as $0.551, before closing at $0.556.
