Written by Cláudio Afonso | LinkedIn | X
Polestar, an electric vehicle brand under the Geely Group, registered 414 new vehicles in Germany, doubling the previous month’s figure of 206 deliveries.
The result, while indicating a recovery, is still part of a broader trend of declining year-over-year sales for the brand.
The year-to-date total of 1,251 new registrations from January to May 2024 underscores a 43.3 percent drop compared to the same period in 2023, as Polestar is facing significant challenges in maintaining its market share.
The gradual increase from February this (164 units) to Ma (414 units) shows some recovery, but the volumes are still significantly lower than the peaks of 2023.
Polestar’s competitor Tesla also registered a significant decrease in sales last month, with registrations plummeting by 64 percent year-over-year. The automaker registered only 1,896 units, representing a 0.8 percent market share for the month.
The overall registration of passenger cars in Germany fell to 236,425 units in May, marking declines both month-over-month and year-over-year.
This includes battery electric vehicles (BEVs), which comprised 12.6 percent of new registrations, totaling 29,708 units. This figure represents a substantial 30.6 percent decline compared to May 2023.
Polestar has been facing intense pressure amid missed deadlines with the Securities and Exchange Commission as its stock reached a new all-time low last week.
Last week, the company announced that it expects to file its Annual Report for 2023 on Form 20-F and publish its preliminary unaudited financial and operational results for the first quarter of 2024 “by the end of June”.
In a recent SEC filing, the company said it is “unable” to file its 2023 Annual Report which was originally scheduled to the published on February 29 before being delayed to the last day of April.
In a video-statement, the chief executive Thomas Ingenlath said, “As previously reported, we identified certain errors in our audited 2021 and 2022 accounts.
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In April, the company reported the first quarter deliveries of “approximately 7,200” units, a 40 percent crash when compared to the same period of 2023. By then, the manufacturer had delivered 12,000 units marking a yearly growth of 26 percent.
The deliveries include 1,200 units of the brand’s latest model Polestar 4 which will start production also in South Korea during the second half of 2025.
Additionally, the company disclosed on Friday that it received a deficiency notice from Nasdaq for failing to file its annual report for the fiscal year 2023.
The electric vehicle manufacturer stated that it has not complied with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission (SEC).
The EV manufacturer has obtained a waiver from its lenders under its USD 950 million three-year loan facility for the late filing of the Annual Report on Form 20-F.
Written by Cláudio Afonso | LinkedIn | X
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The post Polestar’s German Sales Rebound in May, Year to Date Figures Still Down 43% first appeared on EV.