Polestar: Only 44,851 electric cars sold in 2024
The sales of the Polestar 3 and 4 have not fully started yet, which is why the Polestar 2 had to carry the load in 2024. Despite selling 44,851 units (compared to 52,796 in 2023), the company remains optimistic. Former CEO Thomas Ingenlath has been succeeded by Lohscheller, who previously worked for Opel, Vinfast, and Nikola, and has been leading Polestar since October 2024:
"The changes in our business operations are clearly having a positive impact. We were able to record a 5.3 percent increase in retail sales and a 37.2 percent increase in order intake compared to the same quarter last year."
In fact, sales in the last quarter of 2024 rose again to 12,256 units compared to 11,640 sales in Q4 of the previous year, but: Polestar had already sold 20,243 cars in the fourth quarter of 2022. In the first quarter of 2024, only 6,975 cars were sold - since then, sales have hovered around 12,000 units per quarter.
More important to Lohscheller, however, is that the total order intake in the fourth quarter of 2024 is said to have risen by 37.2 percent, and across the entire year 2024 compared to 2023 by 37.9 percent. And: 56 percent of the order intake in the fourth quarter is claimed to have been for the new models 3 and 4. It is important that Polestar has now adjusted its data basis and reports sales instead of deliveries. This leads to shifts, as a car is now recorded at the time of contract signing and not only upon delivery.
Polestar itself has retrospectively reported the sales for all quarters since the 2022 IPO in the appendix of the announcement – including the deviation from the previous definition. Polestar will present its financial results for the third quarter of 2024 on January 16. The planned business and strategy update will also be presented in a live webcast.
What does that mean?
Currently, Polestar's sales clearly lag behind expectations: Essentially, the Geely subsidiary should be selling at least five to ten times(!) as many cars as is currently the case. It's not due to the products themselves; they work and consistently occupy a narrow niche. But perhaps that niche is too narrow along with the current e-caution? It will be interesting to watch the development in 2025.
Translated automatically from German.
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