Polestar Achieves 80% Q2 Growth, Announces New Production Sites and Expansion Plans
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Polestar Achieves 80% Q2 Growth, Announces New Production Sites and Expansion Plans

Polestar Achieves 80% Q2 Growth, Announces New Production Sites and Expansion Plans
  • Polestar reported an 80% increase in global deliveries for Q2 2024.
  • Polestar 3 production starts in South Carolina by summer 2024, and Polestar 4 begins in South Korea in the second half of 2025.
  • Winfried Vahland is the new Board Chair, and Polestar plans to expand into seven new markets, including France and Brazil, by 2025.

Polestar has reported an impressive 80% growth in global deliveries for Q2 of 2024. This surge, with approximately 13,000 cars delivered in the second quarter alone, takes the global deliveries for the first half of the year to an impressive 20,200 vehicles. This growth is driven by strong sales in the USA, Sweden, Norway, and Germany.


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Exciting Times Ahead

“We have strong momentum as we enter the second half of the year,” declared Polestar CEO Thomas Ingenlath. “Our two new SUVs have received stellar reviews from the global media, and first test drive slots were booked out with additional slots filling up fast. Our retail sales model shift is accelerating in Europe and we have strengthened our sales management team.”

Polestar 3 parked in factory setting front 3/4 view

The Polestar 3 will start production in South Carolina by the end of summer, and the Polestar 4 will begin production in South Korea in the second half of 2025. These new production locations will help Polestar manage the impacts of new tariffs.

Ingenlath is optimistic about the future. “We expect strong revenue improvement and are confident about our business performance in the latter part of the year. Our model expansion and increased market presence – with seven new market launches to come in 2025 – will be key growth drivers for us.”


Leadership and Expansion

Polestar’s leadership is evolving. Winfried Vahland has been appointed as the new Board Chair, taking over from Håkan Samuelsson, who will retire after the upcoming AGM. Christine Gorjanc and Xiaojie Shen (Laura) have also been appointed to the Board, bringing valuable expertise in automotive, finance, and reporting.


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Polestar is also changing its sales model in Europe to a non-genuine agency sales model, already implemented in Sweden and Norway, with other key markets to follow. This change is supported by a strengthened sales management team and plans to expand into seven new markets, including France, Czech Republic, Slovakia, Hungary, Poland, Thailand, and Brazil, through local distribution partnerships.


Innovative Partnerships and Sustainability

Polestar recently partnered with StoreDot to achieve a significant milestone: charging a Polestar 5 prototype from 10% to 80% in just 10 minutes. The collaboration with Plugsurfing has also expanded Polestar Charge, adding over 650,000 compatible charging points for customers. A partnership with Zaptec provides home charging solutions, enhancing the Polestar ownership experience.

StoreDot and Polestar have showcased world's first EV 10-minute charge with silicon anode battteries

Polestar is committed to sustainability, reducing supply chain emissions by using renewable fuels for ocean freight and inbound component supplies.


Challenges and Resilience

Despite its impressive growth, Polestar faces challenges, including new import duties and pricing pressures in global EV markets, especially in China. To meet its target of cash-flow breakeven by the end of 2025, Polestar is adjusting its business plan and will provide updated guidance later in the year.

Polestar 4 studio image with red background, front side view

Ingenlath remains confident, highlighting Polestar’s ability to overcome these challenges. “We are confident in our ability to navigate these short-term impacts and are committed to our long-term vision of sustainable growth and innovation.”


Looking Forward

Polestar had a great Q2 in 2024, which improved their inventory levels and cash flow. This sets them up for a strong second half of the year. They are focused on expanding their model lineup, increasing their market presence, and creating innovative partnerships.


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IMAGES: POLESTAR

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AUTHOR: 

RANDI BENTIA

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