Proactive Investors - Swedish electric car brand Polestar (NASDAQ:PSNY) delivered approximately 13,900 vehicles during the third quarter of 2023, a 50% increase compared to the same period last year.
The higher-priced, upgraded Polestar 2 model significantly contributed to this growth and strong margin improvement.
For the first nine months of 2023, Polestar reported about 41,700 deliveries, reflecting substantial year-on-year growth of 37%.
The company said it remains on track to meet its ambitious target of delivering between 60,000 to 70,000 vehicles by the end of 2023, helped by Polestar 4 set to commence in China during the fourth quarter.
“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,” Thomas Ingenlath, Polestar CEO, said in a statement.
“We will soon have a compelling range of three distinctive cars, including two luxury SUVs, each addressing an exclusive luxury EV segment. With this, Polestar enters an exciting new period.”
Polestar is expected to release its 3Q financial report on November 8, 2023, after the market closes.
US-listed shares of Polestar were down around 3.7% in New York on Thursday morning.