Polestar stumbles out of the gates in 2024 with low sales in Q1

Polestar has had a rough start to 2024, with sales down 40% compared to the same period in 2023. The breakdown for the company is not promising, especially as the company has touted 2024 as a transitional year for high-margin EV sales.

According to data from the Swedish automaker, the breakdown for Q1 is as follows:

  • Overall Deliveries – 7,200 (Down 40% year over year)
  • Polestar 2 – 6,000 (Down 50% year over year)
  • Polestar 4 – 1,200 (New vehicle)

Now, it is all not bad news, as Polestar is launching several vehicles over the rest of 2024. The Polestar 4 will launch in Canada and the United States in Q4 2024. Meanwhile the Polestar 3 will start deliveries in the United States in Q2 2024.

So far, the Polestar 4 and Polestar 3 reviews have been glowing. So, it could be a simple slow launch as consumers start to look for a new vehicle heading into the Spring.

In a recent industry presentation, Polestar noted that its EV sales target for 2025 is between 155,000 and 165,000. This includes the Polestar 2, Polestar 3, Polestar 4 and Polestar 5. So, they will need to do some serious work to work up to that number if they are starting 2024 on pace for under 30,000 units.

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