(Finance) – Polestara Swedish electric car brand, has delivered approximately 11,900 cars in the third quarter (around 15% less than the previous year and below analysts’ estimates), bringing total deliveries for the first nine months of the year to 32,300 (vs 41,844 in the same period in 2023).
“Polestar has a solid foundation to build on, with access to the best EV technology, global manufacturing capacity and strong support from Geely,” said the CEO Michael Lohscheller – Together with the management team, we are conducting a review of our strategy and our operations, to define a clear path for the development of Polestar.”
“A key to our future success will be the development of our commercial capabilities: move from presentation to active car sales – he added – The adoption of a more active sales model is already supporting our ambitions, as the first markets to implement it are showing a solid intake of orders”.
With current market conditions and announced import duties impacting the automotive industry, Polestar expects revenues in 2024 to be similar to 2023 and to reach a positive gross profit margin in the fourth quarter. The company reiterates its goal of reaching cash flow breakeven towards the end of 2025, at a lower volume than previously expected.
Given market conditions and the company’s expected performance in 2024, Polestar, together with Geely, is engaged in a constructive dialogue with its financiers regarding its loan agreements.