Polestar sold 13,000 EVs in the second quarter of 2024

Swedish car maker, Polestar delivered around 13,000 cars in the second quarter of 2024. The company has achieved 80% growth compared to the previous quarter.

It delivered 7,200 cars in the first quarter and a cash equivalent of $784 million as of March 31, 2024. These combined figures account for 20,200 deliveries in the first half of this year. Throughout the last six months, Polestar sold its models in the USA, Sweden, Norway, and Germany.

The production of Polestar 3 is on track in South Carolina by the end of the summer. Also, the production of Polestar 4 will start in South Korea by the second half of 2025. It will diversify the manufacturing facility and places to mitigate the impact of new tariffs from the US and Europe.

Polestar said its sales have increased for inventory models and cash flow. However, short-term impacts from new import duties and price competitiveness are expected in the global EV market.

Polestar 3 (Image Source – Polestar)

Its target of cash-flow breakeven is likely to be met by the end of 2025 based on the business plan. That includes additional mitigating actions and updated guidance later in the year. An expand is in the pipeline for Europe and other regions. The company has restructured its executive portfolio and enhanced sales channels.

It has recently announced sales in seven new markets for 2025 including France, Czech Republic, Slovakia, Hungary, Poland, Thailand, and Brazil with local distributor partnerships. The Swedish car company also launched Polestar Charge with more than 650,000 compatible car charging for customers.

Webcast

The electric vehicle (EV) maker will organize a live audio conference on July 2, 2024, at 8:00 US Eastern (14:00 Central European Summer Time). It will post prelim unaudited financial and operational results for the first six months of the year on Thursday, August 29, 2024.

(source)