Polestar sold nearly 45,000 cars in 2024

The Swedish-Chinese brand has published its sales figures for the fourth quarter and full year 2045. Although Polestar now has several models on offer, the brand sold 15 per cent fewer cars in the previous year.

Although retail sales fell from 52,796 vehicles in 2023 to 44,851 electric cars, the company is optimistic in the press release. 2024 was a year of upheaval, which was reflected in a new ownership structure, several changes in top management and a new CEO – founding CEO Thomas Ingenlath had to leave and was replaced by former Opel boss Michael Lohscheller.

Lohscheller, who has been with Polestar since October after holding positions at Vinfast and Nikola, sees ‘strong momentum’ for 2025 in the figures: “The changes being made to our commercial operations are clearly having a positive impact, as we saw a 5.3% increase in retail sales and a 37.2% increase in order intake compared to the same quarter last year, creating a strong momentum as we enter 2025,” said Lohscheller.

What the CEO means: Compared to Q4 2023, the final quarter of 2024 saw 12,256 sales instead of 11,640. Although this is an increase of 5.3 per cent, the fourth quarter is only the third best of the year – a far cry from the sharp slump in the first quarter, but still one of the weaker results over the course of the year. In general, Polestar has not yet come close to the record quarter with over 20,000 vehicles at the end of 2022.

What is more important for Lohscheller than quarterly data from 2022: In Q4 2024, total incoming orders increased by 37.2 per cent – in 2024 as a whole by 37.9 per cent compared to 2023. The Polestar 3 and Polestar 4 – the two new series – are said to have accounted for 56 per cent of incoming orders in the fourth quarter. For a long time, Polestar only had a single model in its range, the Polestar 2 mid-size saloon, but now there is also a larger crossover and a large SUV.

It is important to note that Polestar has now adjusted its database and now reports sales instead of deliveries. This results in some shifts because a vehicle is now included in the statistics at the time the contract is signed and not just when it is handed over. The 53,400 vehicles delivered that we reported a year ago for 2023 are therefore no longer the appropriate comparative figure. Polestar itself has retrospectively reported sales for all quarters since the IPO in 2022 in the appendix to the press release – including the deviation from the previous definition. We have also adjusted our chart to the new data basis for better comparability.

Polestar will present its financial figures for the third quarter of 2024 on 16 January. A business and strategy update will also be presented in a live webcast at that time. It is not yet known when Polestar will present its business figures for the full year 2024.

polestar.com