Polestar, Geely’s ‘Scandinavian inspired’ BEV daughter, aims to reach profitability in 2025. This can only be achieved by increasing the number of deliveries. In the third quarter, the Swedish-Chinese brand achieved a 50% jump compared to Q3/2022.

Polestar delivered around 13 900 electric cars to customers in the third quarter, 50,4% more than in the same period last year (9 239 units). However, compared to the second quarter of this year, Polestar deliveries were down by 1,900 vehicles.

60 000 Target

“We have delivered a strong quarter and expect higher margins for the rest of the year as we continue to prioritize value over volume in our business,” said Thomas Ingenlath, CEO of Polestar.

The manufacturer’s statistics show that deliveries of the electric car brand from January to September 2023 totaled around 41 700 vehicles, a growth of 37% compared to the same period last year.

With deliveries of the Polestar 4 scheduled to begin in China in the fourth quarter, Polestar still expects to reach its annual target of 60 000 vehicles. At a minimum, the manufacturer is thus aiming for sales of 18 300 vehicles between October and December, Q4 of 2023.

Additional models 3 and 4 are coming

When looking at Polestar deliveries, it should be noted that it is still effectively just one model, the Polestar 2 mid-size sedan. The electric sedan recently received a facelift with some changes to the drive system, and deliveries of the revised sedan started in the third quarter.

According to Polestar, “sales of the higher-priced, upgraded Polestar 2 have contributed to strong margin improvement”. This should show up in the quarterly financials that Polestar is previewing for 8 November 2023.

The large Polestar 3 electric SUV was already presented in 2022, but there is a software-related delay, which is why production is now only scheduled to start in Q1 2024.

The smaller Polestar 4, on a different platform, is scheduled to go into production in late 2023. “We will soon have a compelling range of three distinctive vehicles, including two luxury SUVs, each addressing an exclusive luxury EV segment. This marks the beginning of an exciting new phase for Polestar,” explains Ingenlath.

Profitability in 2025

Along with this, Polestar is targeting profitability in 2025. In conjunction with the Q3 financial results scheduled for 8 November, “Polestar’s CEO and CFO will provide an update regarding actions to manage costs and improve margins to reach profitability in 2025,” it says.