POLESTAR'S SALES ARE DOWN YET AGAIN IN Q2 2024

Will the launch of the Polestar 3 improve the results?

Polestar announced that its global electric car deliveries during the second quarter of 2024 amounted to approximately 13,000 units.

The company boasted that the recent result is 80% higher than the first quarter, which was also exceptionally weak at just 7,221 units. However, when we compare sales year over year, the results do not show any improvements.

Polestar's EV sales in Q2 were roughly 18% lower than a year ago, marking the third consecutive month of year-over-year decline.

The volume decreased despite Polestar expanding its lineup. Initially, the company offered only the Polestar 2 model. Later, it was joined by the Polestar 4 and, most recently, the Polestar 3 (deliveries started in June).

Polestar BEV sales in Q2'2024 (YOY change):

Total deliveries: approximately 13,000 (down 18%)

Polestar Electric Car Sales - Q2 2024

* some data estimated

So far this year, Polestar has sold roughly 20,200 electric cars globally, 27% less than last year.

Polestar BEV sales in Q1-Q2'2024 (YOY change):

Total deliveries: approximately 20,200 (down 27%)

For reference, in 2023, Polestar delivered roughly 54,600 electric cars to customers, 6% more than in 2022.

All three Polestar models are currently produced in China. According to the company, the Polestar 3 will additionally enter production in South Carolina at the end of the summer. Meanwhile, the Polestar 4 will also be produced in South Korea, starting in the second half of 2025. This move should enable the company to mitigate the impacts of the announced tariffs.

On the other hand, without a significant increase in its sales volume, achieving the previously stated global EV sales target of 155,000-165,000 in 2025 will be difficult.