Swedish Electric Car Brand Polestar Records 50% Growth In Q3 Deliveries; Foresees Higher Margins

Swedish electric performance car brand Polestar Automotive Holding UK PSNY reported Q3 delivery growth of 50% Y/Y to about 13,900 vehicles.

The company benefitted from increased sales of the higher-priced, upgraded Polestar 2, which boosted margin.

With approximately 41,700 deliveries in the first nine months ( up 37% Y/Y) and Polestar 4 deliveries commencing in China during the fourth quarter, Polestar still expects to deliver 60,000-70,000 vehicles in 2023.

Related: Polestar 4 Electric SUV Coupe Deliveries Slated Before Year-End In China, Confirms CEO

"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," stated Thomas Ingenlath, Polestar CEO. 

Polestar plans to report Q3 FY23 results on November 8, 2023, after market close.

Also Read: Polestar Expands In-Car Entertainment With Prime Video, Allows Drivers To Watch Favorite Series While Charging

Price Action: PSNY shares are trading higher by 1.88% at $2.70 premarket on the last check Thursday.

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