STOCKHOLM -- Polestar reported a slight rise in third-quarter retail sales on Thursday, a few months after Washington effectively barred the China-linked electric vehicle maker from selling new cars in the country from the next model year.
Here are some details:
The Swedish EV maker is majority-owned by China’s Geely Holding.
Third-quarter sales volume was 14,371 units, one per cent higher than 14,222 a year ago.
Excluding the U.S., retail sales fell eight per cent in the quarter.
The automaker will not be allowed to sell cars in the U.S. from model year 2027 due to new rules by the Commerce Department to block China-linked cars with connected-vehicle technology.
In September, Polestar cut its full-year volume growth guidance and said it expected higher competition to persist.
Sister brand Volvo Cars last week pulled its own full-year volume guidance after posting a 40 per cent drop in China retail sales.
In the U.S., Polestar will sell existing Polestar 3 and 4 inventory while maintaining its service network.
The company has pivoted to the European market and plans to produce the compact SUV, Polestar 7, at Volvo’s factory in Slovakia.
“We delivered our best third quarter despite increasingly challenging market conditions,” Polestar CEO Michael Lohscheller said.
The Polestar 5 began deliveries this summer, while a new station-wagon/SUV version of the Polestar 4, built in Busan, South Korea, is set to begin shipping in the fourth quarter.
Polestar is expected to report third-quarter results on November 5.
(Reporting by Marie Mannes in Stockholm and Harshita Mary Varghese in Bengaluru; Editing by Sahal Muhammed)
