Polestar sees Q4 sales growth and strong orders fueling momentum into 2025

Investing.com -- Polestar (NASDAQ:PSNY ) on Thursday reported steady growth in retail sales during the fourth quarter of 2024, driven by a diversifying model lineup and increasing customer demand. 

The Swedish electric vehicle manufacturer delivered 12,256 cars in the quarter, a 5.3% increase compared to the 11,640 vehicles sold in the same period of 2023. 

While the quarterly rise in sales is notable, the annual figures tell a more tempered story, with 44,851 vehicles sold in 2024—a 15% decline from the 52,796 sold in 2023.

Despite the overall drop in yearly sales, Polestar’s fourth-quarter order intake painted a far brighter picture. Orders surged by 37.2% year-over-year for the quarter, underscoring growing consumer interest in the company’s offerings. 

For the full year, orders were up 37.9%, reflecting robust demand that Polestar expects to capitalize on in 2025. 

The Polestar 3, an electric SUV, and the Polestar 4, a coupe-styled electric SUV, emerged as standout performers, collectively accounting for 56% of the orders received during the quarter.

“The changes being made to our commercial operations are clearly having a positive impact,” said Polestar’s chief executive, Michael Lohscheller in a statement.

The company’s focus on retail sales—redefined to account for end-customer deliveries across various channels—aligns with broader industry practices and provides a clearer picture of its performance. 

This shift in reporting reflects a move toward transparency and comparability within the electric vehicle sector.

Going forward, Polestar’s ambitions extend beyond current sales and order numbers. The company plans to expand its market presence in 2025 and continues to prioritize its transition toward sustainable mobility. 

With models like the Polestar 5, an electric four-door grand tourer, and the Polestar 6, an electric roadster, scheduled for future release, the brand is positioning itself as a key player in the premium EV market. 

Additionally, the Polestar 0 project, aiming to create a climate-neutral car by 2030, reflects the company’s broader commitment to addressing the climate crisis.

While challenges remain, including navigating supply chain constraints and increasing competition in the EV market, Polestar’s latest results suggest it is well-poised to build on its momentum in the coming year. 

The uptick in demand, boosted by new models and strategic adjustments, indicates that 2025 could be a pivotal year for the company’s growth trajectory.

Source: Investing.com