Written by Cláudio Afonso | LinkedIn | X
Polestar, the electric vehicle brand under Geely Group, faced a significant drop in sales in the United Kingdom, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).
The company’s sales plummeted from 1,034 units in May 2023 to just 314 vehicles in May this year, a year-on-year decline of 69.63 percent, representing a market share of 0.21 percent.
In April, the company reported the first quarter global deliveries of “approximately 7,200” units, a 40 percent crash when compared to the same period of 2023. By then, the manufacturer had delivered 12,000 units marking a yearly growth of 26 percent.
In Germany, the company registered 414 new vehicles, doubling the previous month’s figure of 206 deliveries but still registering an year to date loss of 43.3 percent. From January to May 2024, Polestar registered 1,251 new units as it faces significant challenges in maintaining its market share in several markets.
The Polestar 4, the company’s latest model, has now officially launched in Europe and Australia. Production began and the first deliveries were made in China at the end of 2023. Online sales have commenced with a starting indicative price of £59,990 in the UK with the first deliveries expected from August.
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Built on the premium Sustainable Experience Architecture (SEA) developed by Geely Holding, the Polestar 4 is a D-segment SUV coupé with a 2,999 mm wheelbase. It features a unique rear camera system that uses screens on the rear-view mirror instead of a traditional window, providing drivers with a view behind the vehicle.
The electric vehicle sector faced a setback late last year when UK Prime Minister Rishi Sunak announced a delay in the government’s planned ban on sales of new internal combustion engine cars.
The company has recently announced that it expects to file its Annual Report for 2023 on Form 20-F and publish its preliminary unaudited financial and operational results for the first quarter of 2024 “by the end of June”.
In a recent SEC filing, the company said it is “unable” to file its 2023 Annual Report which was originally scheduled to the published on February 29 before being delayed to the last day of April.
The deliveries include 1,200 units of the brand’s latest model Polestar 4 which will start production also in South Korea during the second half of 2025.
Additionally, the company disclosed on Friday that it received a deficiency notice from Nasdaq for failing to file its annual report for the fiscal year 2023.
The electric vehicle manufacturer stated that it has not complied with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission (SEC).
The EV manufacturer has obtained a waiver from its lenders under its USD 950 million three-year loan facility for the late filing of the Annual Report on Form 20-F.
Written by Cláudio Afonso | LinkedIn | X
