Polestar shares reached a new low since August 2024 after plunging by more than 11% on Tuesday.
The stock is currently trading just 13% above its all-time low of $0.61 set last year.
After reaching a yearly high of $1.42 on August 27, the shares of the premium EV brand have lost 50% of their value.
Polestar received a formal notice from Nasdaq last Friday, as its shares fell below the exchange’s minimum $1 bid price requirement.
The Chinese brand has until April 29, 2026, to regain compliance by maintaining a closing bid price of at least $1 for ten consecutive business days, according to a company statement.
Polestar debuted in Nasdaq in the second quarter of 2022 via a merger with the special purpose acquisition company (SPAC) Gores Guggenheim.
Since its IPO on June 24, 2022, when the company’s shares closed at $13.36, the stock price has plummeted by 94.4%.
US Sales Plunge After EV Credit Expiry
In the United States, Motor Intelligence estimates that Polestar sold 260 vehicles last month — its lowest result in two years.
The figures represent a 74% drop from the nearly 1,000 units recorded in October 2024.
Since then, no other month has reached a higher total, with the result having been second only to that of September 2024.
After the federal EV tax credit deadline on September 30, EV sales were expected to decline sharply across the market. Polestar‘s registrations dropped by 31% sequentially.
Demand Remains Low
Polestar is backed by China’s Geely Holding Group and headquartered in Gothenburg, Sweden.
In October, the brand was the twelfth best-selling brand in Sweden, selling 579 vehicles — a 7% increase year over year.
However, sales were about half of September’s total. In the prior month, the company recorded its second-best month of the year, just behind June.
A similar trend was observed across several European markets, as sales are typically slower at the start of a new quarter, following a strong final month in the previous one.
In Norway, Polestar registered 250 vehicles, representing a 45% year-over-year increase but still a decline from September.
Meanwhile, in the Netherlands, the company sold 298 vehicles, up from 183 units in October 2024, but down slightly from 348 units in September.
Polestar Debuts New Google Maps’ Feature
Polestar has announced on Tuesday that it will be the first automaker to integrate Google Maps’ new live lane guidance feature directly into the driver display of its vehicles.
The feature will be integrated in the Polestar 4, enhancing navigation by showing real-time lane information on the driver display, helping drivers stay on the correct route during complex highway driving or heavy traffic.
According to Polestar, the live lane guidance function will be introduced through an over-the-air (OTA) “in the coming months.”
It will initially be available for Polestar 4 vehicles in the US and Sweden.
