Polestar delivered approximately 11,900 cars in the third quarter, taking total deliveries for the first nine months of the year to 32,300 (2023: 41,844).
Michael Lohscheller, Polestar CEO, says: “Polestar has a great foundation to build upon, with access to the best EV technology, a global manufacturing capability and strong support from Geely. Together with the management team, we are conducting a review of our strategy and operations, to set out a clear path for Polestar’s development.”
“A key to our future success will be the development of our commercial capabilities: going from showing to actively selling cars. Adopting a more active sales model is already supporting our ambitions, as the first markets to implement it are showing solid order intake.”
Outlook
With current market conditions and announced import duties impacting the automotive industry, the Company expects revenue in 2024 to be similar to 2023 and to achieve a positive gross profit margin in the fourth quarter. The Company reaffirms its target of achieving cash flow break-even towards the end of 2025 – at lower volume than previously targeted.
Given market conditions and the Company’s anticipated performance in 2024, the Company, alongside Geely, is engaged in constructive dialogue with its club loan lenders, who remain supportive, regarding its loan covenants.
SOURCE: Polestar
