- 11,900 cars delivered in Q3 2024 and 32,300 year-to-end September
- First markets to implement active sales model showing solid order intake
- Business and strategy update, including select Q3 financial and operational highlights, to take place on 16 January 2025
Polestar delivered approximately 11,900 cars in the third quarter, taking total deliveries for the first nine months of the year to 32,300 (2023: 41,844).
Michael Lohscheller, Polestar CEO, says: “Polestar has a great foundation to build upon, with access to the best EV technology, a global manufacturing capability and strong support from Geely. Together with the management team, we are conducting a review of our strategy and operations, to set out a clear path for Polestar’s development.”
“A key to our future success will be the development of our commercial capabilities: going from showing to actively selling cars. Adopting a more active sales model is already supporting our ambitions, as the first markets to implement it are showing solid order intake.”
Outlook
With current market conditions and announced import duties impacting the automotive industry, the Company expects revenue in 2024 to be similar to 2023 and to achieve a positive gross profit margin in the fourth quarter. The Company reaffirms its target of achieving cash flow break-even towards the end of 2025 – at lower volume than previously targeted.
Given market conditions and the Company’s anticipated performance in 2024, the Company, alongside Geely, is engaged in constructive dialogue with its club loan lenders, who remain supportive, regarding its loan covenants.
Upcoming events
On 16 January 2025, Polestar management will host a live webcast to provide a business and strategy update, including the publication of select Q3 financial and operational highlights. Reducing Q3 reporting disclosures will help focus company resources on the ongoing business and strategy review and on fulfilling 2024 annual reporting requirements.
