BlackRock, the world’s largest asset manager, increased its stake in electric vehicle maker Polestar for the second consecutive quarter, according to a recent SEC filing.
The New York-based firm held 8,626,062 shares of Polestar as of March 31, up 15.5% from the end of 2024.
That represents an increase of 1,157,392 shares in the first quarter. BlackRock had sharply raised its stake in the fourth quarter of 2024, adding more than 6.25 million shares at the time.
The asset manager first disclosed a position in Polestar in the third quarter of 2022, shortly after the Swedish-headquartered automaker went public via a SPAC merger. Over the past 12 months, Polestar shares have declined about 9.5%.
Last month, BlackRock reported assets under management rose to $11.58 trillion in the first quarter, up from $10.47 trillion a year earlier and $11.55 trillion at the end of 2024.
April Sales Figures
Polestar sold 79 vehicles in Switzerland in April, up sharply from just 10 units a year earlier, according to data published this week by the Association of Official Automobile Importers in Switzerland and Liechtenstein.
In the U.S., and according to Motor Intelligence, sales slightly increased year over year while dropping when compared to March. The brand registered 460 vehicles, an additional ten units when compared to a year ago.
In Sweden — where it is headquartered — Polestar registered 535 vehicles last month, an 14% increase from 471 units a year ago. April registrations in Germany reached 303 vehicles, pushing year-to-date sales in the country above 1,000 units.
The U.K. remained a key growth market, with April sales rising 82.7% year over year to 859 vehicles. Year to date, Polestar has registered 4,554 vehicles in the U.K., a 157.6% jump compared with the same period in 2023.
Polestar is expected to release its 2024 annual report on May 14. First-quarter results are also scheduled for release this month, though no specific date has been announced.
