Polestar Q1 2023 Results
Polestar reported its results for the first quarter of 2023. The company delivered 12,076 cars in the quarter, up 26% year-over-year. Polestar has experienced strong growth over the past five years, and it now has over 100,000 cars on the road across 27 markets.
In the first quarter, Polestar also launched two new cars: the Polestar 3 and the Polestar 4. These cars are both SUVs, and they are designed to compete in the growing electric SUV market.
Polestar recently announced that it would be delaying the start of production of the Polestar 3. The company said that it needed more time to finalize the software for the new all-electric platform that it shares with Volvo Cars. As a result, Polestar now expects to produce 60,000 to 70,000 vehicles in 2023. This represents a decline from the company's previous guidance of 75,000 to 85,000 vehicles.
Polestar is also taking steps to reduce costs. The company has implemented a global hiring freeze and is reducing its headcount by 10%. Polestar is also working to improve its efficiency across the business.
Thomas Ingenlath, Polestar's CEO, said that the company is taking these steps to strengthen itself in the near-term. He said that the successful launch of the Polestar 4 means that the company will have two strong offers in the attractive electric SUV market in 2024. Ingenlath is confident that Polestar will deliver on its growth ambitions and path towards profitability.