As a result of Polestar Automotive Holding’s increased deliveries of electric vehicles (EV) in the third quarter compared to the same period a year earlier, the company’s shares increased by around 3 percent in premarket trading.
However, the Swedish electric car manufacturer reported a quarterly fall in deliveries of 12% to 13,900 units, compared with the second quarter, because high borrowing prices negatively impact demand for new vehicles.
According to the firm, the substantial margin gain was attributed to sales of the more expensive upgraded model Polestar 2, and the company said that it anticipates seeing the trend continue for the remainder of the year.
According to data analytics company Canalys Research, global sales of electric vehicles increased by 49% to 6.2 million units in the first half of the year.
Polestar Automotive, which will release the results of its third quarter on November 8th, reaffirmed its moderate delivery target for the whole year, somewhere between 60,000 and 70,000 vehicles. This is compared to the goal of 80,000 automobiles the corporation had set for itself.
The business anticipates that the Polestar 4 small luxury crossover will begin shipping to customers in China sometime during the current quarter.
