Polestar, a brand owned by Chinese giant Geely, is on track to reach its sales target in 2023. The Swedish manufacturer has committed to delivering between 60,000 and 70,000 models. A trajectory which should allow it to achieve profitability by 2025.
Polestar targets 60,000 units delivered in 2023
During the third quarter of 2023, Polestar delivered 13,900 electric cars. Only Polestar 2s. This is much better than in 2022 (9,239 units were sold last year), but slightly less than in the second quarter of 2023 (around 1,900 fewer vehicles). Nothing serious for Thomas Ingenlath, the boss of Polestar.
New record for Polestar: the Swede sold 15,765 electric vehicles in the second quarter of 2023
He remains extremely confident for the last three months of the year: “ we had a great quarter and expect higher margins for the remainder of the year as we continue to prioritize value over volume in our business “. In total, the brand delivered 41,700 vehicles between January and September of this year. This is 37% more than last year. Encouraging figures, even though models 3 and 4 are not yet on the market.
Profitability for 2025?
The Polestar 4 should enter production within a few months and be marketed in China from this fourth quarter of 2023. On the other hand, the launch of the Polestar 3 is delayed due to a problem linked to the complexity of the system software LiDAR, designed by the start-up Luminar Technologies. A defect that the Volvo EX90 also has to face.
The new Polestar 4 strengthens the rivalry with Tesla
The CEO of the brand specifies that “ we will soon have a compelling lineup of three distinctive vehicles, including two luxury SUVs, each aimed at a different segment. This marks the start of an exciting new phase for Polestar “. This new phase is that of profitability. Polestar wants to make money on its electric vehicles by 2025.
And for that, there is no secret: we will have to build volume. The brand has also decided to improve its Polestar 2 to be able to sell it more expensively. A strategy that helps improve margins. Furthermore, the CEO specifies that “ this should appear in the quarterly financial results which will be published on November 8, 2023 ».
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