Polestar Automotive Holding, the Swedish electric vehicle (EV) manufacturer, has reported a notable 50% increase in EV deliveries during the third quarter compared to the same period last year, sparking a 3% rise in its premarket shares.
However, the company did experience a 12% decline in quarterly deliveries, dropping to 13,900 units in the third quarter compared to the preceding quarter. This decline has been attributed to the global impact of high borrowing costs, which have dampened demand for new vehicles across the automotive industry.
Despite the challenges, Polestar found a silver lining in the performance of its higher-priced upgraded model, the Polestar 2, which significantly bolstered profit margins. The company expressed confidence in sustaining this positive trend throughout the remainder of the year.
Amid a backdrop of evolving market dynamics, the global electric vehicle sector continues to make strides. Recent data from Canalys Research indicates that EV sales experienced a remarkable 49% growth, reaching 6.2 million units in the first half of the year.
Looking ahead, Polestar Automotive is gearing up to unveil its third-quarter results on November 8. The company has reaffirmed its delivery forecast for the full year, projecting the shipment of 60,000 to 70,000 vehicles. This forecast marks a revision from the company's initial target of 80,000 vehicles, reflecting the challenges posed by the global economic climate.
In a promising development, Polestar is poised to introduce its Polestar 4 compact luxury crossover in China during the current quarter, further expanding its presence in the world's largest automotive market.