Polestar delivered 54,600 electric cars in 2023

Polestar has not reached its delivery target for 2023. The brand delivered around 54,600 electric cars worldwide last year, falling short of the annual target, which was recently lowered to 60,000 electric cars.

The 60,000 target has been in place since November when Polestar lowered its previous forecast of 60,000 to 70,000 units to the lower end of this range. Polestar had initially expected to sell 80,000 EVs in 2023, but the Polestar 3 SUV presented in 2022 was also due to be delivered this year. As the model has been delayed until 2024, the forecast was also lowered at the time.

With 54,600 deliveries, Polestar was able to increase the result from 2022 by six per cent. At that time, the Swedish-Chinese brand had handed over 51,500 vehicles to customers, exceeding the (also lowered) annual target of 50,000 units.

In order to achieve even the lowered 2023 target of 60,000 units, Polestar would have had to deliver at least 18,183 vehicles after the 41,817 deliveries in the first three quarters from October to December. In reality, however, the manufacturer only reported around 12,800 deliveries for the fourth quarter of 2023 – and therefore missed its annual target. At 12,800 units, Q4 was only just above the first quarter (12,100 vehicles); the company had performed significantly better in Q2 (15,800 vehicles and Q3 (13,976 Polestars). Polestar clearly missed the previous quarterly record from Q4 2022, with 21,000 deliveries in the final quarter of 2023.

The 12,800 vehicles in Q4 2023 also include the first Polestar 4. The company handed over 880 vehicles to customers in China in the final quarter. Polestar started production of the Polestar 4 in China in November. According to CEO Thomas Ingenlath, sales of the SUV coupé will also start in Europe and Australia in the coming weeks.

In the press release, Polestar speaks of a “still challenging market” and that the company will “continue to protect its exclusive brand position”. This means the company does not want to drive sales with price reductions and discounts but rather stick to the upmarket positioning (with a corresponding margin). Polestar expects “a gross profit margin close to the break-even point” overall and will publish its financial figures for Q4 and the full year 2023 on 29 February.

“Polestar 4 was very well received in China, and the increase in production was an important milestone for us,” says Polestar CEO Thomas Ingenlath. “With the first deliveries of the Polestar 3 expected in the summer, we are poised for a transformative and exciting 2024 as we transition from a one-car to a three-car company.”

polestar.com