Polestar's decision comes after a significant 40% decline in deliveries during the first quarter. The expansion into new markets is seen as a strategic move to enhance sales and secure better deals with suppliers. The global enthusiasm for EVs has waned, resulting in increased losses for many companies. Polestar, facing similar challenges, has twice delayed its first-quarter results and now plans to report earnings by the end of June.
The demand for EVs is growing at a slower pace than anticipated, impacted by high interest rates, concerns over driving range, and the slow development of public fast-charging infrastructure. Despite these hurdles, Polestar expects its Polestar 3 and Polestar 4 SUVs to significantly contribute to its revenue later this year. Polestar aims to deliver between 155,000 and 165,000 cars in 2025, a substantial increase from the 54,600 units delivered in 2023.
