Written by Cláudio Afonso | LinkedIn | X
Polestar’s U.S. sales fell nearly 28% in February to below 500 units, down from 678 vehicles a year earlier, as the struggling EV maker prepares to introduce the Polestar 4 in the country.
The company, backed by China’s Geely Holding, began deliveries of the U.S.-built Polestar 3 SUV in November. It expects to launch the Polestar 4 in the U.S. market in the second quarter.
The Polestar 3 starts at $67,500, with lease plans beginning at $599 per month for 27 months. The launch edition, which includes the Pilot and Plus packages and faster delivery, is priced at $78,900.
Last week, Polestar delayed its fourth-quarter results to April, saying it would release them alongside its annual filing for fiscal 2024.
“Polestar intends to publish fourth-quarter and full-year 2024 results prior to or concurrently with filing its Annual Report on Form 20-F for 2024 in April 2025,” the company said in a statement.
The carmaker also began another round of layoffs in China, a year after cutting 450 jobs globally, or about 15% of its workforce.
Shares of Polestar fell more than 4.5% in premarket trading to $1.06, hovering just above the Nasdaq’s $1.00 minimum bid requirement for listed stocks.
Polestar said it had secured a 12-month term facility of up to $450 million and renewed its €480 million Green Trade Finance Facility (TFF). The company originally entered into the TFF with a syndicate of global banks in February 2022 to support working capital requirements.
In the fourth quarter, Polestar delivered 12,256 vehicles, bringing full-year sales to 44,851 units, down 15% from 52,796 in 2023. However, it said total order intake rose 37.2% year-on-year in Q4 and increased 37.9% for the full year.
The company is set to report first-quarter global retail sales on April 10.
