STOCKHOLM, Oct 8 (Reuters) – 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, 1% higher than 14,222 a year ago
• Excluding the US, retail sales fell 8% in the quarter
• The automaker will not be allowed to sell cars in the US 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% drop in China retail sales
• In the US, 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)
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