Victor Golmer
Polestar Automotive Holding (NASDAQ:PSNY) said it delivered approximately 13,000 cars in the second quarter, which was up 80% from the level of a year ago. Global deliveries for the first six months of the year were 20,200 units, led by strong results in the U.S., Sweden, Norway, and Germany,
CEO update: “We have strong momentum as we enter the second half of the year. Our two new SUV’s have received stellar reviews from the global media and first test drive slots were booked out and additional slots are filling up fast. Our retail sales model shift is accelerating in Europe and we have strengthened our sales management team.”
Looking ahead, the electric vehicle maker said that production of Polestar 3 in South Carolina is on track to start at the end of the summer and production of Polestar 4 is set to start in South Korea in the second half of 2025. The company highlighted that it is diversifying its manufacturing footprint and mitigating the impacts of the announced tariffs. Polestar (PSNY) expects strong revenue improvement in the second quarter and is confident about the business performance in the latter part of the year.
Shares of Polestar (PSNY) fell 6.25% in premarket trading after Q1 results were released earlier in the morning.