Polestar's Q1 2024 report shows declining sales

In a short blog post, Polestar announced its global sales volumes for the first quarter of this year. The results are quite underwhelming, but Polestar's CEO remains upbeat as the company expects sales to pick up steam toward the end of this year.

This past quarter the company delivered around 7,200 vehicles, a 40% decrease compared to last year's Q1 when Polestar posted 12,076 sales. Part of the reason is the slowing overall demand for EVs worldwide, Polestar believes, although figures reveal the market grew overall.

Still, Polestar's CEO Thomas Ingenlath believes the company will recover toward the end of this year helped by its Polestar 3 and Polestar 4 SUVs. The official said the positive media reviews will attract more buyers, especially after the duo launches in more markets. The Polestar 3 is just about starting its global rollout, whereas the Polestar 4 is scheduled for August in Europe, Australia and possibly the USA.

The company's goals stand at 155,000-165,000 sales in 2025, which will be the first year the company will kick off with more than one model in its portfolio.

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