The new brand is optimistic about its future in the world of luxury EVs.
Polestar, the Swedish electric performance car brand, is riding high on the wave of its growing popularity, reporting a remarkable 50% surge in global deliveries for the third quarter of 2023. The renowned car manufacturer is making significant inroads in the electric vehicle (EV) market, signifying the growing affinity of customers towards green mobility.
The stats speak volumes. Approximately 13,900 vehicles rolled off Polestar’s production lines and onto the roads in Q3 alone. When comparing this impressive number with the previous year, the growth trajectory is unmistakable. One of the primary drivers behind this booming growth? The pricier, enhanced Polestar 2. This specific model has not only been a hit among EV enthusiasts but has also injected a robustness into the company’s profit margins.
While these Q3 numbers are staggering in themselves, the year-to-date figures solidify Polestar’s dominance. A total of about 41,700 vehicles have been delivered in the first nine months, marking a 37% growth year-on-year. And this growth story isn’t just about to end. With the highly-anticipated Polestar 4 deliveries set to kick off in China in the upcoming quarter, the company’s outlook remains bullish. In fact, by the end of 2023, Polestar’s projections land in the ballpark of a possible 60,000 to 70,000 vehicle deliveries.
Thomas Ingenlath, the driving force behind Polestar as its CEO, expressed his elation at the company’s performance. “We have delivered a strong quarter and expect higher margins for the rest of the year,” he stated. Emphasizing the brand’s focus on quality over sheer numbers, Ingenlath noted the company’s continued priority of “value over volume.” The company’s future, according to the CEO, looks incredibly promising with a lineup that includes “three distinctive cars, including two luxury SUVs,” each crafted to cater to the exclusive luxury EV market segment. In his words, it marks an “exciting new period” for Polestar. If the current trends are any indication, Polestar is all set to electrify the luxury car market in the coming years.
