Polestar, the Swedish-Chinese electric vehicle manufacturer, has reported a 15% decline in sales for 2024, with retail sales dropping from 52,796 vehicles in 2023 to 44,851. Despite the decline, the company remains optimistic about the future, pointing to signs of growth in its commercial operations, particularly in the final quarter of the year.
The downturn in sales came amid a year of significant change at Polestar, including a new ownership structure and multiple leadership changes. Thomas Ingenlath, the company’s founding CEO, stepped down and was replaced by former Opel CEO Michael Lohscheller, who joined Polestar in October after holding key positions at Vinfast and Nikola.
Lohscheller expressed confidence in the company’s prospects, citing a 5.3% increase in retail sales and a 37.2% rise in order intake compared to Q4 2023. “The changes being made to our commercial operations are clearly having a positive impact, as we saw a 5.3% increase in retail sales and a 37.2% increase in order intake compared to the same quarter last year, creating a strong momentum as we enter 2025,” Lohscheller said.
The fourth quarter saw 12,256 sales, marking a 5.3% increase from Q4 2023, when the company sold 11,640 vehicles. However, this remains a far cry from the record quarter in late 2022, when Polestar sold more than 20,000 units. Despite this, Lohscheller emphasized that the strong order intake, particularly for the Polestar 3 and Polestar 4, which accounted for 56% of orders in Q4 2024, was a positive sign for the company’s future.
Polestar also noted a shift in its sales reporting, now accounting for vehicles based on contracts signed rather than deliveries. This adjustment has led to discrepancies with previously reported figures, including the 53,400 vehicles delivered in 2023. Polestar has retrospectively updated its sales data since its IPO in 2022, making its latest figures more consistent for comparison.
Looking forward, Polestar will release its third-quarter 2024 financial results on January 16 and provide a live webcast for a business and strategy update. The company has not yet announced when it will report its full-year results for 2024. Despite challenges, Polestar’s leadership remains focused on growth, especially with the introduction of new models and increasing global demand for electric vehicles.