EV maker Polestar logs slightly higher quarterly sales as US ban looms
PSNY•Polestar reported third-quarter retail sales of 14,371 units, up 1% from a year earlier, while sales excluding the US fell 8%. The company will be barred from selling new cars in the US from model year 2027 under Commerce Department rules.
1. Quarterly sales
Polestar’s third-quarter retail sales rose 1% to 14,371 units from 14,222 a year earlier. “We delivered our best third quarter despite increasingly challenging market conditions,” CEO Michael Lohscheller said.
2. US sales restrictions
New Commerce Department rules blocking China-linked cars with connected-vehicle technology mean Polestar will not be allowed to sell cars in the US from model year 2027. It plans to sell existing Polestar 3 and 4 inventory in the country while maintaining its service network.
3. Company plans
In September, Polestar cut its full-year volume growth guidance and said it expected higher competition to persist. The company plans to produce the Polestar 7 compact SUV at Volvo’s factory in Slovakia; the Polestar 5 began deliveries this summer, and a new station-wagon/SUV version of the Polestar 4 is set to begin shipping in the fourth quarter. Polestar is expected to report third-quarter results on November 5.
