Wow! Global Polestar sales are down 40 percent

In the first quarter of 2024, Polestar delivered only 7,200 cars worldwide. In comparison, the ‘sister brand’ Volvo did only in the Netherlands more than that.

In the first three months of 2023, Polestar was able to sell 12,076 cars, so the number in the same period this year is more than forty percent less.

A transitional year for Polestar

CEO Thomas Ingenlath has a clear explanation for this. “2024 is a transition year for us,” he says. “In the first half of the year we will still be a one-model brand, after that the production of Polestar 3 and 4 will start.”

A round of layoffs

Polestar is still unprofitable. At the end of January, the company announced that it will cut about fifteen percent of its workforce, which is about four hundred and fifty people. The reason given is the difficult market situation, and the decrease in demand for electric vehicles.

The Chinese-Swedish automaker is sticking to its goal of breaking even by 2025. Until recently, Volvo owned less than fifty percent of the shares, but has reduced that to eighteen percent. The Chinese Geely is now on top of that, with twenty-four percent.

New investors

Polestar was looking for new investors and found them. The banking union is investing 950 million dollars in the company, equivalent to more than 890 million euros. Annual figures for 2023 will not be published until the end of May.

Polestar now creates 2, 3 and 4. In the long run, a large 5 will be added, which you can see as a competitor to the Tesla Model S, but also 6, a sports road. The successor to the 2 will be called the 7, Thomas Ingenlath has already announced, and it will be a completely different car.