On Thursday, Polestar reported a 37% year-over-year jump in order intake and a growth in fourth-quarter retail sales, therefore providing a good indication to investors of continuous challenges in the electric vehicle industry. From 11,640 in the previous year, the Swedish EV producer noted retail sales of 12,256 units. In line with industry norms, the company also declared it would now show retail sales based on vehicles delivered to final customers instead of billed units.
Notwithstanding industry challenges including decreasing EV demand, competitive price cuts driven by Tesla (TSLA), and taxes on Chinese-manufactured cars imported from the EU and the United States, Polestar's out-performance stands. Having experienced operational difficulties including delayed financial reporting and cost control problems, Polestar recently had a significant leadership change.
Assumed in October, new CEO Michael Lohscheller started a strategy assessment meant to bring the business back under control. On January 16 he intends to deliver a business update alongside Q3 figures. Lohscheller said in reference to the sales increase: "The changes being made to our commercial operations are clearly having a positive impact." As the EV scene is still erratic, the market will be intently observing for more specifics on Polestar's turnaround plan.
