Polestar Automotive Holding UK PLC, the Swedish electric performance car brand, reports its results for the three months ended March 31, 2023.
Polestar achieved record first quarter deliveries of 12,076 cars, up 26% year on year and enters the second quarter with good commercial momentum. The Company has experienced strong growth over the past five years establishing a global footprint with over 100,000 cars on the road across 27 markets. It recently launched two new cars – Polestar 3 and Polestar 4 – to address the popular SUV segment.
Polestar was recently informed that additional time for final software development of the new all-electric platform shared by Volvo Cars is needed and that the start of production of Polestar 3 is now expected in the first quarter of 2024. In light of this and the economic environment affecting the automotive industry, Polestar now expects 2023 global volumes of 60,000 – 70,000 vehicles, representing annual growth of 16% – 36%, following record deliveries of 51,491 last year. There is no change to the start of production of Polestar 4, which is expected for China in the fourth quarter of 2023, and for other markets in early 2024.
Polestar is intensifying its focus on cost management, including a global hiring freeze and 10% headcount reduction, driving greater efficiencies across the business.
Thomas Ingenlath, Polestar CEO, comments: “We are taking necessary steps to strengthen Polestar in the near-term. While production of Polestar 3 will now start in the first quarter of 2024, the successful launch of Polestar 4 last month means that we add two strong offers in the attractive electric SUV market in 2024. I am confident that we will deliver on our growth ambitions and path towards profitability.”
The investor update presentation, Management’s Discussion and Analysis of Financial Conditions and Results of Operations and Unaudited Condensed Consolidated Financial Statements, are available on the Polestar investor relations website and will be filed with the SEC.
