Polestar has revised its delivery forecast for the current calendar year, lowering expectations to around 60,000 vehicles for 2023. This represents a reduction from the initial target of 80,000 sales set in May and a further adjustment from the range of 60,000 to 70,000 announced last month.
The company disclosed this information alongside its third-quarter financial results, noting a slight decrease in deliveries compared to the second quarter. In Q3, Polestar delivered 13,976 vehicles, reflecting a 51% increase year-on-year but falling short of the 15,765 vehicles delivered in Q2. While the specifics behind the decline were not elaborated upon, it is speculated that a potential decrease in demand for the Polestar 2, the brand's sole model currently reaching customers, could be a contributing factor.
However, Polestar is poised for a shift as production of the Polestar 4 is set to commence at the company's Hangzhou Bay factory in China next week, with the first customer deliveries scheduled for December. Furthermore, the Polestar 3 is on track for production in China in Q1 2024, with U.S. deliveries expected to commence in the summer.
Despite the delivery forecast adjustment, Polestar's financials report a 41% increase in revenue from Q3 2022, reaching $613 million. Nevertheless, gross margins are projected to conclude 2023 at 2%, half of the company's initial expectations. Research and development costs saw a $30 million increase, attributed to rising full-time employee headcount costs and modifications to the Polestar 5's electrical architecture.
Polestar also revealed securing additional term loans totaling $450 million from Volvo and Geely during the quarter, concluding Q3 with $951 million in cash on its balance sheet.
Looking ahead, Polestar anticipates a significant rise in deliveries in 2025, coinciding with the production of multiple models, including the Polestar 2, Polestar 3, Polestar 4, and Polestar 5. The company projects delivering between 155,000 and 165,000 vehicles in that year.