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Polestar Automotive Holding UK PLC (NASDAQ:PSNY) reported on Thursday that it delivered approximately 13,900 vehicles in Q3. The deliveries tally was 50% higher than the mark from a year ago.
The electric vehicle maker also noted that sales of the higher priced, upgraded Polestar 2 contributed to a strong margin improvement during the quarter.
With approximately 41.7K deliveries in the first nine months, and Polestar 4 deliveries commencing in China during the fourth quarter, Polestar still expects to deliver 60K to 70K vehicles during the full year.
CEO update: “We have delivered a strong quarter and expect higher margins for the rest of the year, as we continue to prioritize value over volume in our business… We will soon have a compelling range of three distinctive cars, including two luxury SUVs, each addressing an exclusive luxury EV segment.”
Polestar Automotive (PSNY) expects to post its unaudited financial and operational results for the third quarter on November 8. At that time, Polestar’s (PSNY) CEO and CFO will provide an update regarding actions to manage costs and improve margins to reach profitability in 2025.
Shares of Polestar Automotive (PSNY) moved up 2.66% in premarket trading on Thursday.
