Polestar’s 2024 Sales Report: Overcoming Challenges With Strong Order Growth

Polestar has reported its electric vehicle (EV) sales figures for 2024, revealing a complex picture of challenges and emerging opportunities. The company experienced a 15% decline in annual retail sales while simultaneously showing promising growth in new orders.

Annual Retail Sales Decline Amid Transition

Annual retail sales dropped to 44,851 vehicles in 2024, down from 52,796 in 2023, reflecting the challenging transition year the company faced. However, Q4 2024 offered improvement, with retail sales reaching 12,256 units, representing a 5.3% increase compared to the same period in 2023. While this quarterly growth is positive, it is worth noting that Q4 2024 was only the third-best quarter of the year and remains significantly below the company’s record of over 20,000 vehicles set in late 2022.

The company underwent substantial organizational changes in 2024, including a restructuring of ownership and several leadership transitions. Most notably, founding CEO Thomas Ingenlath stepped down, making way for Michael Lohscheller, the former Opel executive who also held positions at Vinfast and Nikola. Lohscheller, who joined Polestar in October, has expressed optimism about the company’s trajectory, particularly highlighting the growing order book.

Growth in New Orders

One of the most encouraging developments has been the significant increase in new orders. The company reported a 37.2% rise in order intake during Q4 2024 compared to the same quarter in 2023, with total orders for the full year 2024 increasing by 37.9% over 2023. Notably, the company’s newer models, the Polestar 3 and Polestar 4, accounted for 56% of incoming orders in the fourth quarter, suggesting strong market reception for the brand’s expansion beyond its original Polestar 2 sedan.

In particular, Polestar has recently modified its reporting methodology, now focusing on sales rather than deliveries. Under this new system, vehicles are counted at the time of contract signing rather than at delivery. This change has led to some retrospective adjustments in historical data to ensure consistent comparison across reporting periods.

Moreover, the company is scheduled to present its Q3 financial results on January 16, along with a business and strategy update via live webcast. The date for the full-year 2024 financial report has not yet been announced.

Read More: Polestar 3 Strikes Back: $3,000 Conquest Bonus And Price Cuts Take The Lead

Financial Updates Ahead

These results paint a picture of a company in transition, moving from a single-model manufacturer to a multi-vehicle brand while navigating significant organizational changes. While the decline in annual sales presents challenges, the growing order book and increasing diversity of vehicle offerings suggest the potential for stronger performance in 2025.

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