Polestar increases sales by 76% year-over-year

Swedish electric vehicle manufacturer Polestar has reported a significant 76% increase in global deliveries for the first quarter of 2025, totalling 12,304 units. This marks a substantial rebound from the 6,975 vehicles delivered during the same period in 2024 - however, just a small surplus compared to last quarter.

In the last three months of 2024, Polestar sold 12,256 vehicles, just 48 units less than in the past quarter. Nevertheless, it is a huge difference compared to the first quarter of 2024, when Polestar handed over 6,975 electric cars to its customers.

The carmaker emphasises this stability in sales compared to the previous year. In Q1/2024, Polestar faced a 40% decline in deliveries compared to Q1 2023. The downturn was attributed to a transitional phase as the company expanded its model range from the sole Polestar 2 to include the Polestar 3 and Polestar 4.

“We are on the right track and doing the right things. I’m pleased with the progress we are making in transforming our commercial operations,” commented Michael Lohscheller, Polestar CEO. “With a more active selling model, more retail partners and attractive cars, we are delivering results. At the same time, we are monitoring closely and assessing the volatile geopolitical environment and will adapt as needed.”

A notable factor in the Q1/2025 sales surge was Polestar’s targeted discount campaign aimed at Tesla owners in the United States. The company offered incentives of up to $20,000 for Tesla trade-ins, a move designed to capitalise on shifting consumer sentiments and to capture a segment of Tesla’s customer base.

Despite the positive sales momentum, Polestar faces potential headwinds due to escalating tariffs, particularly from the United States and the European Union, targeting Chinese-manufactured electric vehicles. Currently, the Polestar 2 and Polestar 4 are produced in China, making them susceptible to these trade barriers. In response, Polestar has ceased taking US orders for the China-made Polestar 2 and is exploring increased production capacities in Europe and the United States to mitigate tariff impacts. The Polestar 3 is already being manufactured in South Carolina, and plans are underway to produce the Polestar 4 in South Korea starting in mid-2025.

Polestar states that it will report its full financial results for 2024 ‘by the end of April 2025.’ It initially wanted to do so in March after pushing back the release of its financial figures the first time. The further delay is likely because Polestar had to reissue some of its previous financial reports due to errors.

polestar.com, carbuzz.com (Polestar 2)