Polestar Automotive Holding UK PLC’s stock (PSNY) experienced a 1.5% increase in premarket trade on Thursday following the company’s announcement that it had delivered approximately 13,900 vehicles in the third quarter. This marks a significant 50% increase compared to the same period last year. The sales boost can be attributed to the successful launch of the higher priced and upgraded Polestar 2 model. As a result, Polestar reported a substantial improvement in their profit margins.
Throughout the first nine months of this year, Polestar has already achieved a commendable delivery figure of about 41,700 vehicles. These results are promising and indicate that the company is on track to meet its projected target of delivering between 60,000 and 70,000 vehicles by the end of the year.
Polestar’s Chief Executive, Thomas Ingenlath, expressed satisfaction with the company’s performance, stating that they anticipate maintaining higher profit margins for the remainder of the year. He emphasized Polestar’s commitment to prioritizing value over volume in their business strategy. Furthermore, Ingenlath noted that Polestar is entering an exciting phase, with plans to introduce three distinct car models, including two luxurious SUVs. Each of these vehicles will cater to a specific segment of the luxury electric vehicle market.
Despite recent success, Polestar’s stock has experienced a 50% decline since the beginning of this year. In comparison, the S&P 500 has seen an 11% increase during the same period.
Polestar’s continued emphasis on delivering high-quality electric vehicles demonstrates their determination to make a significant impact in the industry. With their expanding range of luxury EVs, the company is poised for continued growth and success in the coming months.
