STOCKHOLM, (Reuters) – Polestar is close to selling out its remaining model year 2026 cars in the US, CEO Michael Lohscheller told Reuters on Thursday, as the Swedish automaker faces a US ban on selling new vehicles from the next model year.
The company, majority-owned by China’s Geely Holding [RIC:RIC:GEELY.UL], posted third-quarter sales volume of 14,371 units, 1% higher than 14,222 a year ago.
Here are some details:
- The company sold about 2,160 units in the US during the quarter, compared with 966 last year
- US sales were strong in the quarter “as we are now selling the last model year 26 cars,” Lohscheller said
- Excluding the US, retail sales fell 8% in the quarter
- The automaker will not be allowed to sell cars in the US from model year 202 due to new rules by the Commerce Department to block China-linked cars with connected-vehicle technology
- In the US, Polestar is selling existing Polestar 3 and 4 inventory while will maintain its service network and used-car business
- 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
- The company has pivoted to the European market and plans to produce the compact SUV, Polestar 7, at Volvo’s factory in Slovakia
- The Polestar 5 has begun customer deliveries, while Polestar 4 SUVs have arrived at European ports and are being distributed to retailers, Lohscheller said
- Europe sales were weaker in the quarter, but Lohscheller expects them to improve as new models are launched
- Polestar 5 is seeing strong interest in the UK, with Germany and Scandinavia also showing demand, he added
- 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 and Leroy Leo
