Polestar (PSNY) on track for 80K sales goal after Q1 deliveries

Polestarthe Swedish EV maker known for its Scandinavian minimalist design, said it remains on track to hit 80,000 deliveries this year after delivering roughly 12,000 vehicles in Q1. The EV maker has an exciting year ahead of it with its first electric SUV, the Polestar 3, launching.

Polestar is confident it will hit 80K deliveries after Q1

After delivering a record 51,491 vehicles in 2022, up 80% from the previous year and beating its 50,000 annual global volume targetPolestar looks to maintain the pace in 2023.

Polestar announced Thursday it has built upon the progress made last year with 12,000 vehicle deliveries in Q1. Although this is a 26% increase from the first quarter of 2022, it’s down from the 21,000 cars delivered in the fourth quarter.

According to the company’s press releasethe decrease in deliveries in the first quarter was due to the usual seasonality.

Polestar CEO Thomas Inglenlath is bracing for another big year as it expands its brand globally, saying:

2023 is going to be another year of great progress for Polestar as we expand our portfolio and continue to grow our retail network. In addition to the significant upgrades we have made to Polestar 2, we expect to start production of our highly anticipated electric SUV Polestar 3 in the summer and we will shortly launch Polestar 4, the SUV coupé transformed.

After launching the Polestar 2its first fully electric car, in mid-2020, the premium fastback has become a top-selling EV model in several key markets, including the UK, Canada, Sweden, Norway, South Korea, and others.

2024 Polestar 2 (Source: Polestar)

Polestar is set to launch its “SUV for the electric age” Polestar 3 model later this year which is expected to play a key role in the brand’s expansion.

The Polestar 3 rides on the same platform used for the Volvo EX90 SUVfeaturing up to 300 miles range and 30 min fast charge abilities, with a starting price of around $85,000.

The Swedish EV maker is expected to launch an aggressive $20 million marketing campaign in the second quarter as it anticipates the electric SUV will serve a bigger market than the Polestar 2.

Electrek’s Take

Although Polestar deliveries fell in Q1 from the previous quarter, the EV maker has much to look forward to this year with the upcoming Polestar 3 electric SUV launch.

Polestar remained ahead of other EV startups, with Rivian delivering 7,946 vehicles and Lucid delivering 360 EVs. Perhaps the EV maker’s most impressive achievement so far is reducing relative emissions on a per-vehicle basis by 13% since 2020, despite car sales growing over 400% in the same period.

Polestar continues to strive for sustainability – not only in its vehicles but also in everything it does with full transparency – pushing the industry to do better.

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Polestar (PSNY) on track for 80K sales goal after Q1 deliveries

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