(Reuters) – Polestar on Thursday reported rises in fourth-quarter retail gross sales and order consumption, elevating optimism amongst jittery buyers over demand for the Swedish EV maker’s higher-priced fashions.
The corporate reported retail gross sales of 12,256, up from 11,640, and a 37% rise so as consumption in comparison with a 12 months earlier.
Polestar additionally introduced a change in the way it studies, saying it could report retail gross sales primarily based on vehicles delivered to ultimate prospects, not as of when they’re invoiced, to higher align itself with sector requirements.
The improved outcomes come regardless of worsening market circumstances which have hit EV startups reminiscent of Polestar significantly arduous.
The sector has been grappling with a slowdown in demand for electrical vehicles, stress to chop costs amid a value battle ignited by Tesla (TSLA.O), and tariffs imposed by the EU and U.S. on China-produced vehicles.
Polestar has additionally confronted operational complications, encountering issues and delays to its quarterly monetary studies and struggles to handle its prices.
It has been making an attempt to show across the enterprise over the previous 12 months together with a reshuffle the place it changed its CEO, head of design, chair of the board and appointed a brand new CFO.
New CEO Michael Lohscheller launched a strategic assessment shortly after taking on in October and is scheduled to current a enterprise and technique replace on January 16.
Polestar can even current its third-quarter outcomes at the moment.
“The modifications being made to our business operations are clearly having a constructive influence,” Lohscheller mentioned on Thursday in reference to its order consumption enhancements.
Polestar, which markets itself as a luxurious electrical automaker, goals to realize break-even money circulation by the tip of this 12 months.
(Reporting by Marie Mannes; enhancing by Jason Neely)
