Polestar (PSNY) reports 50% rise in deliveries in 3Q

Swedish electric car maker, Polestar Automotive (NASDAQ: PSNY) released their global delivery numbers for the 3Q of 2023 on Thursday.

Polestar saw a 50% increase in vehicle deliveries during the third quarter compared to the previous year, totaling around 13,900 units. This impressive growth was driven by strong sales of the enhanced Polestar 2, which also led to notable improvements in profit margins.

Over the first nine months of the year, Polestar achieved a year-on-year growth of 37%, with approximately 41,700 vehicles delivered.

As Polestar 4 deliveries kick off in China in the upcoming fourth quarter, the company maintains its optimistic outlook of delivering between 60,000 to 70,000 vehicles in 2023.

“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.” Said CEO Thomas Ingenlath.

“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.” Ingenlath added.

Polestar is expected to release its 3Q financial report on Wednesday, November 8, 2023 after market closes.

Shares of PSNY are up 0.18% in early trading on Thursday.

By Michael Elkins | [email protected]

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