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Polestar achieves record third quarter deliveries, up 50% year-on-year; expects higher margins for the remainder of 2023

Polestar Automotive Holding UK PLC (Nasdaq: PSNY), the Swedish electric performance car brand, reports its global deliveries for the third quarter of 2023.

Polestar delivered approximately 13,900 vehicles in the third quarter, a growth of 50% compared to last year, with sales of the higher priced, upgraded Polestar 2 contributing to a strong margin improvement.

With approximately 41,700 deliveries in the first nine months, a growth of 37% year-on-year, and Polestar 4 deliveries commencing in China during the fourth quarter, Polestar still expects to deliver 60,000-70,000 vehicles in 2023.

Thomas Ingenlath, Polestar CEO, comments: “We have delivered a strong quarter and expect higher margins for the rest of the year, as we continue to prioritize value over volume in our business.”

“We will soon have a compelling range of three distinctive cars, including two luxury SUVs, each addressing an exclusive luxury EV segment. With this, Polestar enters an exciting new period.”

Polestar expects to post its unaudited financial and operational results for the third quarter of 2023 on Wednesday, 8 November 2023, after market closing in the USA. In conjunction with the results, Polestar’s CEO and CFO will provide an update regarding actions to manage costs and improve margins to reach profitability in 2025.

A live audio webcast from Los Angeles, USA is scheduled to start at 14:00 PT (17:00 ET or 23:00 CET).

Relevant documents and a link to the live audio webcast will be available on the Polestar Investor Relations website at https://investors.polestar.com/. From Wednesday, 25 October 2023, verified shareholders will be able to ask questions through the Say Technologies platform, accessible via https://app.saytechnologies.com/polestar-2023-q3.

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