With this, it has been forced to reduce its objectives. However, the arrival of new electric models could change this trend. Polestar, a ‘newcomer’ brand to the market, has managed to captivate thousands of potential customers through a product philosophy strongly marked by design, technology, and specifications. So much so that in recent months, its trend has grown significantly, even more so since its official arrival in markets such as Spain just over two years ago. However, in the past third quarter, the company has noticed a small drop in its registrations.
For reference, Polestar managed to sell a total of 15,800 units in the second quarter, a total figure that dropped to 13,976 in the third quarter. The company has not given a specific reason for this slight change in the trend. What they have assured is that this has been something specific and they already expect significant growth by 2024 for various reasons.
In 2023, Polestar launched the renewal of its most popular electric vehicle, the Polestar 2. To this, we must add that this year they have also begun to publicly show the Polestar 3, their electric SUV in dealerships or public places so that Potential customers know the product. Mass deliveries of this model will begin in 2024, along with its last model presented, the Polestar 4. Both launches will represent a big step forward for the brand in the coming months.
However, for 2023, the brand expects a small improvement for the last weeks of the year due to the greater rise in deliveries of the Polestar 2. However, the firm has also seen a significant increase in the manufacturing costs of its electric vehicles; a fact that has caused gross profits to fall by $36.3 million.
With these results in hand, the company has reduced its sales targets for the entire year 2023 to 60,000 vehicles. A few months ago they also reduced their estimates from 80,000 to 70,000 last May. This will affect the company’s gross margins since they will go from 4% to 2%.
The figures obtained by Polestar in the third quarter should not be a major obstacle to its long-term plans. Looking ahead to the next few years, they will continue to focus on low-volume but higher-profit electric models with the arrival of the Polestar 5, their electric sedan that will rival the Porsche Taycan. With all this, the brand expects to have between 155,000 and 165,000 deliveries starting in the second half of the decade.
Finally, during its results presentation, the company’s leadership announced the construction of a new construction plant for its electric vehicles. During this announcement, its specific location was not specified, although they did assure that it would not be in China.