Although Polestar (PSNY) delivered fewer vehicles in the third quarter than last year, the EV maker expects to achieve a positive gross profit margin in Q4 2024. To hit its target, Polestar’s new CEO said the EV maker needs to go from showing to “actively selling cars.”
Polestar Q3 deliveries fall as new CEO takes over
Polestar delivered around 11,900 vehicles in the third quarter, down from 13,976 in Q3 2023. Through the first nine months of September, Polestar’s deliveries reached 32,300. That’s 22% fewer than last year.
The announcement comes after Polestar’s CEO and founder, Thomas Ingenlath, stepped down on October 1, 2024.
Polestar’s new leader, Michael Lohscheller, said in his first public statement since taking over the reins that the company is “conducting a review of our strategy and operations.”
One of the biggest keys, Lohscheller explained, was “going from showing to actively selling cars.” Polestar’s leader said the company has already adopted a more active sales model, adding that the first markets are “showing solid order intake.”
Polestar expects revenue in 2024 to be about the same as last year at around $2.38 billion. The company also said it expects to achieve a positive gross profit margin in the fourth quarter of the year.
We will learn more about Polestar’s plans during its business and strategy update on January 16, 2025.
Polestar is “engaged in constructive dialogue” alongside parent company Geely and its club loan lenders.
The EV maker is launching two new electric SUVs, the Polestar 3 and 4, which should help boost demand.
| Polestar 3 and 4 electric SUV by trim in the US | Starting Price | Range (expected EPA-est) |
| Polestar 4 Long Range Single Motor | $56,300 | 300 miles |
| Polestar 4 Long Range Dual Motor | $64,300 | 270 miles |
| Polestar 4 Long Range Dual Motor model (with Plus and Performance packs) | $74,300 | 270 miles |
| Polestar 3 Long Range Dual Motor with Pilot Pack | $74,800 | 315 miles |
| Polestar 3 Long Range Dual Motor with Pilot Pack and Plus Pack | $80,300 | 315 miles |
| Polestar 3 Long Range Dual Motor with Pilot and Performance Pack | $80,800 | 279 miles |
| Polestar 3 Long Range Dual Motor with Pilot, Plus, and Performance Pack | $86,300 | 279 miles |
The first Polestar 3 rolled off the production line in the US in August at its South Carolina plant. Polestar’s electric SUV starts at $73,400 and has a range of up to 315 miles.
Meanwhile, Polestar 4 deliveries will kick off in the US later this year. It will start at $56,300 and have a range of up to 300 miles.
Polestar stock is down 5% following Friday’s news. Over the past 12 months, Polestar share prices have fallen 51%.