Polestar’s U.S. sales rose slightly in April from a year earlier but declined sequentially from March, as the EV maker deals with mounting financial pressure, auto tariffs and concerning performance in the capital markets.
The brand backed by China’s Geely Holding Group sold 460 vehicles in the U.S. last month, up 2% from April 2024, according to data from Motor Intelligence released Thursday. However, sales fell from 616 units in March.
Over the first four months of the year, the company has sold 2,071 units in the U.S. market.
Earlier this month, Polestar removed the option to configure and order the Polestar 2 from its U.S. website, coinciding with the implementation of new 25% tariffs on imported vehicles and components.
The Polestar 3 starts at $67,500, with lease pricing from $599 a month for a 27-month term. A launch edition bundled with Pilot and Plus packages is priced at $78,900.
Polestar is also preparing to introduce the Polestar 4 in the U.S. this quarter. The vehicle will be manufactured in South Korea. Meanwhile, production of the upcoming Polestar 7 is expected to take place in Europe.
Polestar reported global deliveries of “approximately 12,304” vehicles in the first quarter, a 76% increase year-on-year. Of that, 6,975 units were sold in the first three months of 2024.
In a bid to lure Tesla owners, Polestar launched a $5,000 incentive in the first quarter for drivers trading into the new Polestar 3. Combined with a Clean Vehicle Noncash Incentive of up to $15,000, eligible customers can receive as much as $20,000 off a lease on the 2025 model. The promotion runs through June 2.
The company said this week it would delay its 2024 annual report filing, originally expected in April, and now plans to publish it by May 14. CEO Michael Loscheller said the company continues to pursue cost-cutting measures across its operations.
Polestar implemented another round of layoffs in China earlier this year, following broader workforce reductions in 2023 that affected about 15% of global staff, or roughly 450 employees.
Over the last twelve months, the company’s shares have fallen 25% and are currently trading at $1.03 — just above Nasdaq’s compliance threshold where stocks should trade above $1.00 to avoid the delisting risk.
