Polestar Sees Solid Growth in Q4, Begins Deliveries of Polestar 4 with Optimism for 2024
Polestar Automotive Holding UK PLC (Nasdaq: PSNY), the renowned Swedish electric performance car brand, has released its global delivery figures for the fourth quarter of 2023, revealing a steady growth trajectory.
In a challenging market, the company managed to deliver approximately 12,800 cars in this quarter, which includes a significant number of its latest model, the Polestar 4, especially in the Chinese market. These numbers have pushed Polestar’s global delivery count for the year to around 54,600 cars, marking a 6% increase compared to the previous year.
Despite the competitive environment, Polestar has maintained its exclusive brand positioning, though it led to fewer deliveries in the last quarter. The company anticipates its gross profit margin for the full year to hover around the break-even point.
Thomas Ingenlath, the CEO of Polestar, expressed his enthusiasm about the positive reception of Polestar 4 in China and the expansion of its production. He highlighted, “Polestar 4 has been very well received in China and ramping up production was an important milestone for us. Sales of our SUV coupé will start in Europe and Australia in the coming weeks.” This expansion indicates a strategic move by Polestar, diversifying its market reach.
Furthermore, with the anticipated first deliveries of Polestar 3 in the summer, Ingenlath believes that the company’s transformation from a single to a three-car company is a pivotal step towards an exciting and transformative 2024. This shift signals Polestar’s commitment to innovation and growth in the electric vehicle sector.
As Polestar continues to navigate the competitive landscape of electric vehicles, its strategic movements and product expansions position it as a key player in the industry’s future. The company’s ability to maintain a balance between exclusivity and market presence sets a promising tone for its endeavors in the coming year.
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