Q2 figures: Polestar with renewed drop in sales
Shortly after the announced change of CEO, with former Opel CEO Michael Lohscheller set to replace Polestar CEO Thomas Ingenlath in October, Polestar’s quarterly figures make it clear that the company has numerous construction sites. Even a glance at the bare figures shows this: Turnover fell by 17 per cent to 574.9 million dollars compared to the same period last year.
Instead of the minimal gross profit of 0.9 million dollars in the same period last year, this time there was a gross loss of 4.2 million dollars. If “selling, general and administrative expenses,” expenditure on research and development and the remaining operating costs are deducted from this, the operating loss amounts to 242.3 million dollars. This is slightly less than a year ago when the figure was 273.6 million dollars. The business figures for the first quarter were already gloomy.
The current financial figures were achieved with the delivery of 13,150 vehicles in Q2 2024. Polestar is selling this as a success, as the figure is 82 per cent higher than in the first quarter of 2024. However, as the car market is subject to seasonal fluctuations, a comparison with the same quarter of the previous year is more reliable – and this shows that the figure is 17 per cent below the 16,800 units delivered at that time. This 17 per cent drop in sales correlates with the 17 per cent drop in turnover.
The fact that Polestar is currently evolving from a one-car to a multi-car brand could be a turning point. After the Swedish-Chinese company owned by Volvo and Geely was on the market for a long time with just one vehicle, namely the Polestar 2, the brand announced the start of deliveries of the Polestar 3 and the Polestar 4, to European customers a week ago, have recently been added.
In addition to the change of CEO, Polestar cites the fact that the Polestar 3 has also started production in the USA this month as a further milestone on the road to success. This means that the model will not be affected by the high import tariffs imposed by the USA and the EU on Chinese electric cars.
As an outlook for the rest of the year, Polestar reports that the sales momentum from the second quarter has had a positive impact on inventories and cash flow. Polestar remains confident for a stronger second half of the year, especially in Q4, when sales of the two premium SUVs Polestar 3 and Polestar 4 are expected to pick up.
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