Swedish electric vehicle maker Polestar reported a 76% jump in first-quarter sales on Thursday, as consumer discounts and promotional campaigns helped the company navigate a competitive market and ongoing economic headwinds.
Polestar sold approximately 12,304 vehicles in the first quarter, up from 6,975 units during the same period last year, when the company was grappling with weak demand and industry-wide challenges.
See also: Polestar Targets Tesla Owners with Up to $20,000 Discounts on Polestar 3 Leases
The sharp increase in deliveries reflects the success of targeted promotions, including lease discounts of up to $20,000 aimed at Tesla owners, as buyers seek more affordable EV options amid higher interest rates and persistent inflation.
“We are monitoring closely and assessing the volatile geopolitical environment and will adapt as needed,” said CEO Michael Lohscheller, referring to rising global tensions and trade uncertainties.
See also:Ā Polestar 3 Earns Five-Star Safety Rating from Euro NCAP
The broader economic landscape remains fragile, compounded by recent U.S. tariffs that have raised concerns over global supply chains and potential increases in vehicle prices. While President Donald Trumpās move on Wednesday to pause certain import duties offered temporary relief to investors, the long-term outlook for consumer pricing remains unclear.
Polestar, which currently produces vehicles in China and the United States, has been accelerating efforts to diversify its manufacturing footprint. The company plans to begin producing the Polestar 4 in South Korea in the second half of 2025 as part of a broader strategy to reduce reliance on Chinese production.
See also:Ā Polestar Offers Same Lease Price for Polestar 2 and 3 Despite $8,600 Price Gap
The EV maker is expected to release its full-year financial results at the end of the month. Last year, Polestar was forced to restate previous financial statements due to accounting errors, adding pressure to its efforts to achieve profitability.