Swedish Polestar reports EV delivery decline in Q1 2024

Swedish electric vehicle (EV) maker Polestar reported its first quarter (Q1) of 2024 volume results revealing around 40% EV delivery decline as it prepares for the sales of new models.

The company delivered around 7,200 cars in the first quarter including 1,200 Polestar 4 in China. This figure compares to the first quarter of 2023 when Polestar delivered 12,000 vehicles.

Thomas Ingenlath, Polestar CEO said this year the company will transition from a one-car brand to a multi-car brand. It is preparing to increase deliveries for two luxury SUVs in the second half of 2024. He also mentioned Polestar 3 and Polestar 4 will provide good progress during the second half to support next year’s targets.

Despite the delivery decline, the company has worked through some new developments in the past three months.

Polestar 3 (Image Credit: Polestar)

Polestar raised $950 million in external funding in February to complete the next phase of development. Geely now owns the majority of Polestar with 24 percent shares and Volvo retains 18 percent.

The EV company started producing the Polestar 3 car in China. The rest of the production will be conducted in the U.S. in Summer 2024. The Polestar 4 on the other hand, will expand production to South Korea in the second half of 2025.

Polestar will post its unaudited financial and operational results for Q1 2024 on Thursday, May 23, 2024. The Swedish firm will also organize a conference call at 8:00 US Eastern Time/14:00 Central European Time on May 9, 2024.